Bitcoin Surges Past $87K, Ethereum Tops $2750; Over $360M Liquidated

Crypto Market Surges as Bitcoin Tops $87,000, Ethereum Reaches $2,750

The cryptocurrency market experienced a significant surge in buying activity on the evening of October 2nd, Taipei time. Bitcoin (BTC) rapidly broke through the $87,000 mark, while Ethereum (ETH) climbed above $2,750. This sudden rally led to substantial losses for short-sellers, with data from CoinGlass indicating over $363 million in liquidations across the network in the past 24 hours, including a single loss exceeding $11 million.

The cryptocurrency market demonstrated remarkable strength on the evening of October 2nd, Taipei time, as robust buying pressure propelled a rapid ascent across the board. Bitcoin (BTC), the largest cryptocurrency by market capitalization, experienced a sharp increase, breaching the $87,000 level. Ethereum (ETH) also showed strong performance, successfully surpassing the key $2,750 threshold.

This rapid price movement came at a steep cost for short-sellers in the derivatives market. According to the latest statistics from blockchain data platform CoinGlass, a total of 79,717 investors globally faced liquidation in the past 24 hours, resulting in total liquidations amounting to $363.64 million.

Notably, among the numerous liquidation events, the largest single liquidation occurred on the Binance exchange for the BTC-USDT trading pair. The investor in this instance suffered a loss of $11.72 million, marking them as the biggest casualty of this short squeeze.