Exchanges liquidate nearly $500 million short positions

Bitcoin has been steadily rising since the middle of last week. Over the past seven days, its capitalization has increased by more than 23% to $410.615 billion.

The BTC exchange rate strengthened to $21,315 on the night of Tuesday, January 17th. Against the background of the growth of digital currencies in the futures market, a large-scale liquidation of positions took place. Exchanges have closed nearly $500 million worth of short-term positions in the past four days.

The market has experienced the largest liquidation since October 2022, according to data from Coinalyze. For example, on January 13 alone, OKX, Binance, and Huobi platforms canceled $256 million, $125 million, and $42 million short positions, respectively.

Analysts note that all leading altcoins have shown explosive growth.

Ethereum (ETH), Polygon (MATIC) and Solana (SOL) soared over 20% in a week. The capitalization of the cryptocurrency market is approaching $1 trillion.

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