Crypto markets jumped as the U.S. Federal Reserve raised interest rates by 75 basis points, causing short trades to see over $200 million in liquidations. By shauryamalwa
as expected. Bitcoin jumped 10% at one point following the Fed announcement, while ether soared as much as 16%.
The upward movement caused over $200 million in liquidations on short trades and some $175 million on long trades. Over 72% of all liquidated traders were short positions, meaning a short squeeze may have contributed to some of the price gains among major cryptos in the past 24 hours. Crypto exchange OKX saw over $128 million in liquidations, the most among counterparts, with over 88% of traders betting on lower prices on the exchange.
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