A portion of last week’s selloff has come undone as Bitcoin bounced over the weekend, triggering a huge chunk of late shorts.
Bitcoin recovered to highs of $63,800 Monday, up roughly 7.5% from Saturday’s $59,353 low, according to CoinGecko data
The cryptocurrency is currently trading at around $63,350, up 2.4% on the day. Bitcoin’s bounce liquidated $539 million in crypto short positions on Sunday, the highest level since the April 17 crash, according to CoinGlass data. Over the past 24 hours, total crypto liquidations surpassed $588 million, of which $444 million were short positions.
The selloff wasn’t localized to cryptocurrencies. The S&P 500 index dropped 2.90% on Friday and is down roughly 2.70% from its all-time high of 7,632. South Korea’s KOSPI index’s over 8% drop on Monday triggered a circuit breaker. “Large outflows last week reflected institutional reactions to macroeconomic headlines, while the tech-heavy KOSPI’s 8% decline highlights the broader pressure facing risk assets amid escalating developments in the Middle East,” Paul Howard, Senior Director, Wincent, told Decrypt.