$100 million worth of Bitcoin shorts lost due to surge in price

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$100 million worth of Bitcoin shorts lost due to surge in price

Over $100 million was unexpectedly liquidated due to an unexpected rise in the price of Bitcoin on Sunday, causing a significant uptick in the value of major cryptocurrencies.

What happened: This appears to coincide with the start of the Olympics.

CoinGlass further alleges that the sudden price shift resulted in approximately $38 million worth of BTC shorts and $23 million worth of ETH shorts being'rekt'.

At Benzinga's exclusive event, Future of Digital Assets, meet and engage with transformative Digital Asset and Crypto business leaders and investors. The value of the digital currency market is now $1.05 trillion, a 0.80% increase in the past few days.

The stock futures rose as trading resumed after a temporary agreement reached by U.S. lawmakers to avert a government shutdown. The Dow Jones Industrial Average rose by more than 122 points, or 0.4%, to close at 1,042.62. S&P 500 futures were also up 0.4%, while Nasdaq 100 futures saw an increase of 0.6%.

The Senate voted to pass a continuing resolution just hours before the midnight deadline on Saturday. President Joe Biden signed the bill into law, ensuring the government remains open for an additional 45 days. This extended time means lawmakers have the necessary time to finalize funding legislation.

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As we enter Uptober and start Q4, Michael Van de Poppe is bullish on the market.

To stay updated on trends like AI, regulations, SEC actions and institution adoption in the cryptocurrency space, join Benzinga's Fintech Deal Day & Awards on Nov. 13 and Future of Digital Assets on Nov. 14 in New York City. Jim Cramer Advises Using Binance, Provokes Strong Reactions From Twitter Users.