The market’s ascension seen on this Monday has led crypto holders to regain some of the losses seen in the previous week
As the two largest economies in the world sat down for a talk today, expectations that Trump and Xi Jinping would come to terms — even if partially — regarding international trade have led financial markets like crypto and stocks to rise.
Bitcoin hit $110K for the first time since May 27, while Ethereum gained nearly 5% in value over the last 24 hours. Other altcoins are also performing well. SUI has seen 6% gains, while SOL and DOGE have gained around 4% in value.
Short Sellers Caught Red-handed
Investors who were betting against the market on Monday were caught in a brutal short squeeze as crypto prices went up today. Data from CoinGlass reveals that nearly 100,000 investors had their positions liquidated today — of which an overwhelming majority were short sellers.
Nearly $200 million was liquidated from the Bitcoin market alone, adding up to nearly $400 million in liquidations over the course of the day in the cryptocurrency sector. Across crypto exchanges, up to 86% of all liquidations happened among short sellers, as bearish traders were forced to close their positions at a loss.
The largest single liquidation order occurred on Bybit, where a trader lost $3.28 million in a BTCUSDT short position.
Overall, June 6th marked the second-largest short seller squeeze of the year, with $322 million in shorts liquidated—trailing only the May 7th event, which saw $850 million wiped out from bearish positions.
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