$380M in Shorts Liquidated in an Hour as Bitcoin (BTC) Skyrockets to $81K

It was just 12 hours ago that the primary cryptocurrency struggled following the conclusion of the US midterm elections, dumping to a seven-week low of $75,600. The landscape now appears entirely different, with the asset reclaiming $80,000 and even touching $81,000 before it was stopped. The altcoins have expectedly followed suit. ETH has rocketed by more than 6% on a daily scale (and 5% hourly) to $2,440, while XRP has pushed past the $1.30 barrier. Naturally, these rapid price moves caught over-leveraged traders by surprise. Especially those with open short positions. Data from CoinGlass shows that $380 million worth of shorts have been liquidated in the past hour alone, while wrecked longs are at $90 million.

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