$380M in Shorts Liquidated in an Hour as Bitcoin (BTC) Skyrockets to $81K

Bitcoin touched $81,000 before pulling back, after falling to a seven-week low of $75,600 12 hours earlier following the US midterm elections. CoinGlass data showed that $380 million of short positions (bets that prices would fall) were liquidated, or forcibly closed, in the past hour, versus $90 million of long positions; over 24 hours, more than $910 million of both were wiped out across over 117,000 trades. The largest single liquidation was a $38 million ETH/USDT order on HTX. ETH rose more than 6% to $2,440 and XRP passed $1.30, while the swing followed the Democratic Party’s reclaiming of both chambers of Congress, which initially accompanied a decline before Bitcoin surged as US trading hours began.