Short Squeeze Frenzy! Crypto Market Surges as Bitcoin Breaks Past $116,000

TradingKey – Major tokens rally across the board, triggering a short squeeze that liquidated over $200 million in bearish positions.

On Friday, September 12, the crypto market staged a strong rebound, with leading assets posting notable gains. Bitcoin (BTC) jumped over 2%, breaking through $116,000. Ethereum (ETH) surged 4% to cross $4,500, while Ripple (XRP) climbed nearly 3%, reclaiming the $3 mark.

Bitcoin Price Chart – Source: CoinMarketCap

Recent rumors suggest Nasdaq may tighten oversight of crypto treasury firms, and continued selling by Bitcoin whales has fueled bearish sentiment. However, the sudden rebound in crypto prices triggered widespread short liquidations and forced exits. In the past 24 hours, total crypto market liquidations exceeded $300 million, with short positions accounting for over $200 million.

Crypto Market Liquidation Data – Source: Coinglass