Crypto Market Suffers Wipeout as Short Squeeze Takes Hold

A recent short squeeze in the crypto market has caused significant liquidations, with over $422 million in positions wiped out in just 24 hours.

The majority of these losses were incurred by long positions, which accounted for $278.66 million of the total, indicating that overleveraged bulls were caught off guard during earlier downside volatility.

However, the short squeeze also had a significant impact on short sellers, with $143.88 million in short liquidations recorded over the same period.