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June 21, 2023 3:19 AM | 1 min read

The cryptocurrency market witnessed a massive liquidation of shorts on Tuesday, with over $127.98 million liquidated in a span of hours after Bitcoin (CRYPTO: BTC) breached the $28,000 mark, according to data from CoinGlass.

What Happened: Of the total liquidation, approximately $77 million of longs and shorts were associated with BTC, $25 million with Ethereum (CRYPTO: ETH), and the rest with other altcoins.

In crypto trading, a long position refers to buying an asset in the hope of selling it later at a higher price, while a short position refers to selling an asset in anticipation of repurchasing it later at a lower price.

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BTC alone saw over $60 million in shorts being liquidated, with most of the liquidations occurring on OKX, Binance, and Huobi.

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Why It Matters: Following a surge last week after BlackRock filed with the Securities and Exchange Commission (SEC) to introduce a BTC Spot ETF, the world's largest crypto's price had been gradually climbing. However, on June 20, it staged a massive rally and spiked to nearly $28,800, as per CoinGecko data.

Currently, BTC is hovering around $28,700 while maintaining more than 50% dominance against alternative coins, marking a two-year high.

Read Next: Bitcoin Nears $29K, Ethereum, Dogecoin Surge After EDX Market Launch: Analyst Foresees $38K King Crypto Rally, But If You Think It Will Reach $12K Then

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Over $100M Liquidated In Bitcoin, Ethereum Shorts As King Crypto Eyes $29K Mark - Benzinga