Bitcoin_s Meteoric Rise to $35,000 Erases $232M in Short Positions in Just 24 Hours



On October 24, 2023, bitcoin (BTC) experienced a robust 13% surge during the early morning trading hours, Eastern Time (ET). This rise catapulted bitcoin’s value to $35,108 per unit, propelling the entire cryptocurrency market upwards by over 10%. As the market soared, traders who had placed their bets against crypto assets like bitcoin and ethereum found themselves in a tight spot. In a mere 24 hours, a staggering $323 million in crypto short positions evaporated.
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