India, June 8 -- Cryptocurrencies have recorded strong gains in the past 24 hours amidst a surge in prices that triggered a liquidation cascade of short positions. Reports of Bitcoin purchases by Strategy, a technical rebound from the oversold levels, as well as an easing in the geopolitical flare-up in the Middle East have abetted the rebound in crypto markets.
Bitcoin touched a high of $64,128 in the past 24 hours, versus the low of $59,109 recorded on Friday. Overall crypto market capitalization has rebounded to $2.19 trillion as compared to a low of $2.06 trillion recorded last week.
The 24-hour liquidation statistics from Coinglass shows short positions surpassing long positions by more than 3 times. Crypto liquidations - forced clos...