The crypto markets ignited in a powerful rally today, leaving short sellers stunned as over $530 million in bearish bets were liquidated in a 24-hour period. This explosive surge follows Bitcoin’s rise from $88,000 to more than $93,500, marking one of the strongest upward moves in recent weeks.
While Bitcoin led the charge, major altcoins such as Ethereum (ETH), Cardano (ADA), and Dogecoin (DOGE) followed with impressive double-digit gains. Even high-beta tokens like MOG posted a staggering 30% rally, reinforcing bullish sentiment across the board.
🔥 Massive Liquidations Shake the Market
Short sellers—those betting on falling prices—were hit hard. Data shows:
- Bybit accounted for the largest share of losses at $234 million
- Binance followed with $100 million
- Gate.io saw $70 million in liquidations
The single biggest liquidation occurred on Binance, involving an Ethereum futures trade worth over $4.5 million.
🌐 What’s Fueling the Surge?
Much of this bullish momentum is attributed to geopolitical optimism. Former U.S. President Donald Trump hinted at easing tariffs on China, raising hopes of a trade agreement between the two economic giants. Traders responded positively, interpreting it as a sign of cooling tensions and improved global economic stability.
📊 Altcoins Shine Bright
Alongside BTC’s meteoric rise, other top market movers included:
- ETH, ADA, DOGE: Up to 14% gains
- SOL, XRP: 7%+ surge
- SUI, UNI, NEAR: Up to 18% gains
- MOG (memecoin): Soared 30% as it mirrored ETH’s rally
💬 Expert Take
“With the U.S. dollar likely to weaken and interest rate cuts looming, investors are turning to Bitcoin as a reliable store of value,” said Jeff Mei, COO at BTSE.
📈 Is a Sustained Bull Run Ahead?
Rising futures open interest, spiking trading volumes, and growing institutional activity all point to a possible continuation of this upward trend. However, market observers remain cautious as macroeconomic factors and policy developments continue to evolve.
