Cryptocurrency Market Sees Sudden Surge, Triggers Massive Liquidation

The cryptocurrency market experienced a significant surge on Wednesday, with Bitcoin's price reaching $69,000 and triggering a massive liquidation frenzy.

According to data from CoinGlass, the sudden increase in price led to over $580 million in forced unwinds, with most of these losses coming from short positions being wiped out. This accounted for around $470 million of the total liquidations, while long positions saw around $100 million in losses.

The overall market cap expanded by around 5% to over $2.44 trillion as a result of this surge. Among the major cryptocurrencies, Cardano led gains with double-digit increases in the last 24 hours, followed closely by Dogecoin and Ethereum which both outperformed Bitcoin's gains.