Massive $500M Short Squeeze Hits Market Amid Bitcoin, Ether, Dogecoin Breakout

Bitcoin’s Ascent Above $93.5K Sparks Major Short Squeeze, Liquidations Hit $530M

Bitcoin’s breakout triggered a market-wide short squeeze Tuesday, leading to nearly $530 million in liquidations as leveraged shorts were caught offside. BTC’s move from $88K to $93.5K, paired with bullish altcoin action, caught traders by surprise.

The altcoin market surged in tandem: ETH, ADA, and DOGE each climbed 14%, while SUI and NEAR posted gains over 17%. Volume spikes across major exchanges signaled an aggressive liquidation event, with the largest single wipeout being a $4.5M ETH position on Binance.

Driving sentiment was President Trump’s remark that U.S. tariffs on China may be lowered, easing global economic fears. Analysts view this rally as a result of improving macro conditions and increased confidence in BTC as a hedge against fiat volatility.

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