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 <li>Over $9o,000 traders were liquidated in 24 hours as Ethereum, Bitcoin prices surged to $3,800 and $71k respectively.</li>
 <li>Total liquidations reached $383 million, with $297 million in shorts and $86 million on longs.</li>
 <li>Market is upbeat about SEC approving spot Ether ETF after latest developments the regulator initiated late Monday.</li>
 </ul>
 Coinglass data shows that more than 90,000 <a rel="noopener noreferrer nofollow" title="trade" href="https://thebittimes.com/tag/trade.html">trade</a>rs were <a rel="noopener noreferrer nofollow" title="liquidated" href="https://thebittimes.com/tag/liquidated.html">liquidated</a> in the past 24-hours, with total liquidations reaching $383 million.
 The spike in prices for Ethereum, Bitcoin, Dogecoin and other tokens saw over $297 million in short positions liquidated. Longs accounted for about $86 million in liquidated positions as crypto prices skyrocketed late Monday and on Tuesday.
 <img decoding="async" class="alignnone size-full wp-image-205236" src="https://cdn.thebittimes.com/images/2024/05/21/564ae268ee0d5f8e7fc9d6766400a0b8.webp" alt="" width="789" height="417">
 According to Coinglass, the total number of <a rel="noopener noreferrer nofollow" title="liquidated" href="https://thebittimes.com/tag/liquidated.html">liquidated</a> <a rel="noopener noreferrer nofollow" title="trade" href="https://thebittimes.com/tag/trade.html">trade</a>rs reached 93,833 at 11:40 am ET on Tuesday. The largest liquidation happened on BitMEX, with an XBTUSD <a rel="noopener noreferrer nofollow" title="trade" href="https://thebittimes.com/tag/trade.html">trade</a> worth $4.26 million <a rel="noopener noreferrer nofollow" title="liquidated" href="https://thebittimes.com/tag/liquidated.html">liquidated</a>.
 <h2 id="span-style-font-weight-400-ethereum-traders-see-over-100-million-in-short-liquidations-span">Ethereum traders see over $100 million in short liquidations</h2>
 Ethereum (ETH) led the 24-hour liquidation as the top altcoin’s spike to above $3,813 on May 21 saw over $131 million rekt. This included a total of $104.5 million in shorts and $26.5 million in longs.
 As well as Ethereum, Bitcoin (BTC) also recorded a significant spike in its <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a>.&nbsp;
 The benchmark crypto jumped from lows of $67k on Monday to hit highs of $71,650 on Tuesday. The gains led to the liquidation of positions worth over $106 million, including $88 million in shorts and $18 million in longs.
 Solana (SOL) saw a total of nearly $24 million, with shorts accounting for over $17.9 million and longs $5.9 million.
 Other tokens to see notable liquidations in the past 24 hours are Dogecoin (DOGE) with $10.2 million, Pepe (PEPE) with $7 million and Gala (GALA), which suffered a major security breach on Monday.
 Over $2.69 million short positions and $2.1 million worth of longs have been <a rel="noopener noreferrer nofollow" title="liquidated" href="https://thebittimes.com/tag/liquidated.html">liquidated</a> in the past 24 hours, although Gala has received a bullish forecast from market maker DWF Labs, which announced the purchase of 25 million GALA tokens.
 <h2 id="span-style-font-weight-400-sec-s-potential-approval-of-spot-ether-etf-boosts-bulls-span">SEC’s potential approval of spot Ether ETF boosts bulls</h2>
 The huge liquidations come as fresh sentiment around spot Ethereum ETFs approval lifted the crypto market.&nbsp;
 This followed SEC’s request for Ether ETF issuers to file their 19b-4s by 10 am on May 21, a development that has seen Bloomberg ETF analysts increase their odds for a SEC approval from 25% to 75%.
 Standard Chartered Bank’s Geoff Kendrick said in a note on Tuesday that there’s a possibility of the SEC greenlighting the first spot Ethereum ETF for the US market this week.
 Standard Chartered also predicts that ETH price could spike to $8,000 by the end of the year. 
 In March, analysts at the bank projected Bitcoin could surge to $15ok in 2024 and $250k by end of 2025 on the back of ETF traction.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/over-90k-traders-liquidated-amid-massive-crypto-price-surge-tbt89193.html">https://thebittimes.com/over-90k-traders-liquidated-amid-massive-crypto-price-surge-tbt89193.html</a>

Over 90K traders liquidated amid massive crypto price surge

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