Ethereum (ETH) Shorts Getting Annihilated as Price Surges 7% in Minutes

According to cryptocurrency analytics platform Coinglass, $105 million worth of Ethereum (ETH) shorts were liquidated in less than an hour earlier today.   

Cryptocurrency exchange FTX accounts for the lion’s share of the wipeout with  $62.74 million. Okex and CoinEx come in second and third places, respectively.

The string of cascading liquidations came after the price of the ETH token surged by more than 7% within just three minutes. The second-largest cryptocurrency peaked at an intraday high of $1,512 on the Binance exchange at 17:00 UTC  before paring some gains.       

Bitcoin clears $20,000

In the meantime, Bitcoin has climbed above $20,000 for the first time since Oct. 7. 

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The world’s largest cryptocurrency is up more than 4% over the past 24 hours.  

Overall, more than $312 million of shorts has been liquidated over the past 24 hours.