Crypto markets rebounded over the weekend as short covering fueled gains across altcoins.
Major altcoins, including Shiba Inu, have climbed in the last 24 hours, partially reversing last week’s sell-off. About $433.28 million in crypto liquidations were recorded in this time frame, mostly from short positions. According to CoinGlass data, $330 million were liquidated in short positions, while longs came in at $104.76 million.
At press time, SHIB was trading up 3% in the last 24 hours to $0.00001209. Shiba Inu surged to a high of $0.00001224 during Sunday’s trading session.
The move follows Saturday’s drop to a low of $0.00001172, catching shorts unaware. According to CoinGlass data, 3,859,993,178 SHIB in short positions have been liquidated in the last 24 hours.
Given that Shiba Inu has seen mixed price performance in recent hours, a substantial amount of long liquidations also occurred. A total of $91,880 in Shiba Inu positions were liquidated in the last 24 hours. Longs accounted for $46,310, and shorts came in at $45,570.
Big week ahead?
This week, investors are looking ahead to several economic releases, including a key jobs report.
The highlight of the week will be the nonfarm payrolls for September, set to be released on Friday morning by the Bureau of Labor Statistics.
Economists expect Friday’s jobs report to show 59,000 jobs added, and for the unemployment rate to remain steady at 4.3%, with a negative reading not being ruled out.
The report is expected to influence the path of monetary policy, with traders pricing in two more interest rate cuts for the rest of 2025, in line with what the Fed indicated in its last meeting.