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

According to cryptocurrency analytics Coinglass, $105 million worth of Ethereum (ETH) shorts over the past hour alone.

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 Bitstamp exchange at 17:00 UTC before paring some gains.

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

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

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