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According to coinglass.com, Bitcoin‘s dramatic climb has liquidated around $172 million in short bets in the previous 24 hours. Moreover, as US President Joe Biden held off entirely excluding Russia from the global financial system, the currency led to a crypto market recovery from one-month lows.

Bitcoin’s price has increased by 10% in the previous 24 hours

The world’s largest cryptocurrency has risen 10% in the previous 24 hours, approaching $40,000, after falling below crucial support levels due to fears about Russia’s invasion of Ukraine. The majority of cryptocurrencies saw double-digit rises.

The growth dynamics were rather moderate, indicating buyer concern. However, as markets remain cautious, these are probably long-term investors rather than short-term speculators.

The growth dynamics were relatively modest, which indicates the caution of buyers. It is likely that these are long-term holders rather than short-term speculators, as markets generally remain wary.

-Alex Kuptsikevich, FxPro’s senior financial expert.

This month’s data indicated that overall positioning on BTC was predominantly short.

Bitcoin short positions

OKX had the greatest short position ratio, at almost 90%, with $35 million in shorts. Binance had the second-highest shorts, while FTX had 59 percent of its holdings long during the last 24 hours.

The single largest liquidation order happened on Bitmex and was worth nearly $8 million. Overall, traders short against the crypto market lost a whopping $402 million over the past 24 hours.

The action is reminiscent of last year’s GameStop short squeeze when rising retail and social media demand propelled the company’s highly-shorted share price from the teens to roughly $500 in a matter of days. The increase cost short bets in the stock up to $20 billion.

Cryptocurrencies have followed a larger surge in financial markets. In addition, stocks in the United States have risen more than 1% on optimism that the current round of US sanctions would not be as economically destructive as anticipated.

However, in cryptocurrency, safe-haven transactions continued to dominate trading. Tether, the stablecoin, contributed roughly half of the market’s volume in the previous 24 hours, at nearly $63 billion—more than Bitcoin and Ethereum combined.

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