Bitcoin Breaks $72K, Ethereum Hits $2,200 as $218M in Liquidations Hit Crypto Market

News Editor 01

2026-07-23 17:00:15

Bitcoin surged past $72,000 and Ethereum topped $2,200 late Wednesday. CoinGlass reported $218 million in total liquidations within 24 hours, with the largest single liquidation of $8.93M occurring on FARTCOIN perpetuals.

BitcoinEthereumliquidationsFARTCOINcryptocurrency

A sharp rally hit the crypto market around 23:35 UTC+8 on April 9. Bitcoin (BTC) broke through the $72,000 resistance level, while Ethereum (ETH) climbed to $2,200. The sudden price surge caught short sellers off guard. According to CoinGlass, the total liquidation volume across all crypto futures reached $218 million in the past 24 hours, liquidating over 93,666 traders.

$8.93M FARTCOIN Liquidation Leads the Pack

The largest single liquidation order was not on BTC or ETH but on the FARTCOIN-USD perpetual contract on decentralized exchange Hyperliquid. The liquidation was worth $8.93 million, as recorded by CoinGlass. FARTCOIN is a meme-coin derivatives product known for extreme leverage risks.

Short Squeeze Intensifies

The market had been consolidating near $70,000 for days, encouraging heavy short positioning. The rapid breakout triggered cascading liquidations, especially on high-leverage contracts. Data shows shorts accounted for over 70% of total liquidations, with longs taking only 30%.

This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.

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