Traders betting against the prices of major cryptocurrencies are feeling the pain Wednesday as Bitcoin, Ethereum, and other top assets are well in the green, leading to hundreds of millions of dollars' worth of short position liquidations.
Bitcoin (BTC) has rebounded to nearly $69,000 for the first time in more than a week, recently trading for $69,869 after falling below the $63,000 mark on Tuesday. While up more than 7% on the day, the price of the leading cryptocurrency remains down more than 21% over the last 30 days.
Altcoins Ethereum (ETH) and Solana (SOL) are the biggest gainers among the top 10 coins by market cap, with Ethereum rising 12% on the day to a recent price of $2,075 while Solana has jumped almost 14% to just shy of $89. Both coins had shown substantial losses in recent weeks, but are swinging back the other direction on Wednesday.
