Copyrighted Image by: Reuters.

In a volatile turn of events, Bitcoin's sudden surge to a peak of $35,430 sparked a rally among altcoins, notably Solana, which rose by 4% within an hour. This abrupt volatility led to significant futures market liquidations totaling around $15 million within the same hour today.

The majority of these liquidations were borne by short-position investors who absorbed losses amounting to $13.65 million. The breakdown of the liquidations includes Bitcoin ($5.82 million), Ethereum ($2.34 million), Solana ($1.63 million), and XRP ($920,000).

Adding to the market turbulence, ORDI, a newly listed cryptocurrency on Binance, experienced an unexpected liquidation of $590,000.

Over the past 24 hours, total assets liquidated reached a staggering sum of $124 million. Long positions constituted $79 million while short positions accounted for $45 million. The cryptocurrencies most impacted by these liquidations were Bitcoin, Ethereum, XRP, and Solana. This swift market movement underscores the inherent risk and volatility associated with cryptocurrency investments.

https://www.investing.com/news/cryptocurrency-news/bitcoin-surge-triggers-altcoins-rally-leads-to-124-million-in-liquidations-93CH-3225527