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Ether jumped as much as 8.3% on Friday as more than $255 million in bearish bets on the token were wiped out in 24 hours
YASIN AKGUL/AFP via Getty Images
Ether led a broad cryptocurrency rebound on Friday as a fresh round of short liquidations forced bearish traders out of their positions, according to Bloomberg.
Ether climbed as much as 8.3% on Friday, a move not seen intraday since a spike three weeks earlier, while Bitcoin advanced less than 4%. Both tokens pulled back from their session highs. Coinglass data cited by Bloomberg showed that Ether short positions totaling more than $255 million were closed out in the preceding 24 hours, alongside $172 million in liquidated bearish wagers on Bitcoin during the same window. The pace of Ether liquidations picked up sharply in the most recent hour, with Coinglass data putting the total at approximately $188 million. Taken together, long and short positions across the broader crypto market amounted to roughly $500 million in liquidations over the prior 24-hour period.
