Bitcoin breaks $80K as crypto shorts lose $378M in one hour

Bitcoin has climbed back above $80,000 on Nov. 4 as short liquidations across the cryptocurrency market have reached $378 million in one hour, following several sessions of withdrawals from U.S. spot Bitcoin ETFs. Crypto shorts worth $378.09 million were liquidated in one hour, accounting for 81% of forced closures. Bitcoin traded near $80,470, while Ethereum gained 6.1% over 24 hours to approximately $2,428. U.S. spot Bitcoin ETFs lost $1.16 billion across three sessions, according to Bitfinex. Bitfinex identified potential selling pressure around $84,000–$85,500 in its Nov. 2 assessment.

Source: crypto.news