According to cryptocurrency analytics platform Coinglass, $105 million worth of Ethereum (ETH) shorts were liquidated within less than an hour earlier today.
Cryptocurrency exchange FTX accounts for the lion’s share of the wipeout with $62.74 million worth of liquidated short positions. 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. It managed to reach its highest level since Sept. 15.
Bitcoin clears $20,000
In the meantime, Bitcoin has climbed above $20,000 for the first time since Oct. 7.
The world's largest cryptocurrency is up more than 4% over the past 24 hours, according to CoinGecko data.
Overall, more than $312 million of shorts has been liquidated over the past hour.