Gold token PAXG experienced a sharp upward spike of over 8% this morning, with contract prices on a certain exchange spiking upwards by about 16%.
According to ChainCatcher, market data shows that the price of the gold-pegged token PAX Gold (PAXG) experienced a sharp upward spike on major crypto trading platforms this morning, with the price on some platforms briefly surpassing $4,800 and currently reported at $4,436.
Community analysis suggests that this upward spike may have been caused by the liquidation of a short contract trader on a certain exchange. On this platform, the USDT-margined contract trading pair saw a maximum upward spike of 15.8%, reaching $5,106. The exchange has not yet responded to the incident.
According to Coinglass data, in the past 4 hours, PAXG liquidations across the network totaled $6.82 million, with long positions liquidated for $1.279 million and short positions liquidated for $5.5453 million.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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