Bitcoin hits 8-month high amid millions in short liquidations

Bitcoin (BTC) hit as high as $86,282.09 on Sep. 21, as per CoinGecko.

It is the leading cryptocurrency's 8-month high, as the last time it went this high was in late January this year.

Bitcoin has gained 5.8% in 24 hours, thanks to forced buying due to a short squeeze.

Around $454 million in Bitcoin short positions have been liquidated over the last 24 hours, as per the onchain analytics platform CoinGlass.

In fact, more than $928 million in short positions across different cryptocurrencies have been liquidated over the last 24 hours, out of which $784 million are short positions.

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Ether, XRP, HYPE surge

Ethereum (ETH) and XRP also surged to $2,760.17 and $1.50 today, gaining 6.6% and 8.5% in the last 24 hours.

Last week, Hyperliquid, the popular decentralized crypto exchange, rolled out a loan feature that allows users to borrow USDC and USDT after submitting HYPE or Bitcoin as collateral. The news turned investors bullish, as the network's native token, HYPE, today hit a new all-time high (ATH) of $95.99.

Strategy, Bitmine buy Bitcoin and Ether

Strategy (Nasdaq: MSTR) bought 950 Bitcoin for $75.7 million during Sep. 14-20. The largest corporate Bitcoin treasury company now holds 846,000 BTC on its balance sheet, as of Sep. 20.