Bitcoin Price Spike Triggers Multi-Million Dollar Liquidations

A sharp price increase in Bitcoin triggered a series of liquidations among short positions on a popular cryptocurrency trading platform.

According to monitoring data, within a span of five minutes, the price of Bitcoin rose above $64,000. During this brief period, several large short positions in the $63,000 to $64,000 range were successively liquidated.

The largest liquidation involved a 40x leveraged BTC short position that was opened last Friday. The trader had shorted 195.8 BTC and as the price approached the liquidation threshold, they manually closed part of the position six times within one minute. This resulted in a total liquidation of approximately $12.3 million.

The remaining portion of the position still stands at a short of 5.8 BTC.