Nearly $1 Billion in Crypto Liquidations Hit as Bitcoin Jumps 4.6%

Crypto liquidations, the forced closure of leveraged positions, totaled $974.80 million over 24 hours as the market rose, with short positions—bets on further declines—accounting for $575.48 million, or 59%, of the total. Rising prices forced traders to close bets, a short squeeze that coincided with a slide in U.S. crude oil after Democrats won control of Congress. Bitcoin climbed 4.64% to $80,480, returning above $80,000, a level it has struggled to hold since late October. Bitcoin led all assets with $396.04 million in liquidations, and shorts made up 78.2% of that total; Ethereum gained 6.84% to $2,418 and recorded $241.79 million in liquidations. Binance carried 39% of all liquidations, days after reopening withdrawals following a record $6.3 billion hack.