Dogecoin leads market rebound with 15% pump, bitcoin steady above $85,000
A wave of forced buying that cost short sellers $844 million has run its course, leaving the largest cryptocurrency flat over the past hour and ZEC the only major token in the red.
DOGE rose more than 15% to just above 10 cents as of Tuesday Asian morning hours, the largest gain among major tokens, CoinDesk data show.
Bitcoin held just above $85,600, flat over the past hour after adding roughly 5% over 24 hours. Most of that move came from traders being forced out of bets against it.
Just over $1 billion of crypto positions were liquidated over the past day, according to CoinGlass, and $844 million of that, or 82%, belonged to short sellers. Roughly 135,000 traders were closed out.
MSCI's Asia Pacific gauge rose nearly 1% for a fifth straight day of gains, led by chipmakers Samsung Electronics and SK Hynix, which tracked Monday's rally in U.S. semiconductor stocks. South Korea's Kospi advanced 2% and Taiwan's benchmark hit an intraday record.