Short Traders Lost Over $122.19M in a Recent Market Recovery

The unexpected cryptocurrency market recovery witnessed on January 11 has hit some bearish futures traders causing the liquidations of over $121.5 million worth of positions. 

According to CoinGlass data, nearly 64% of all futures traders were betting on the market’s downside. Bitcoin futures traders have seen around 815.31 BTC liquidated worth around $34.75 million. Another asset leading in liquidation is Ethereum, with approximately 8,650 ETH lost in trades worth over $28 million.

Third place in liquidation amounts goes to Near, with over $6 million in losses witnessed by shorting traders. Meanwhile, the NEAR token has hit its new all-time high at $18.72 amidst the overall market downturn. Alongside Near, many major altcoins have shown a slight growth for the last 24 hours such as AVAX (+7.9%), SOL (+4.2%), DOT (+8,4%), ADA (+7%), and MATIC (+7.4%).

Source: Trading View

The undergoing recovery of the cryptocurrency market started when the price of Bitcoin went above $43,000 in early hours on Wednesday (UTC). This jump came shortly after the US Federal Reserve official Jerome Powell promised to fight the current high inflation by providing a tighter monetary policy. As of the time of this writing, BTC is trading at $42,769, almost 38% down from its ATH of $69,044 from November 10.

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