Bitcoin’s massive surge upward saw more than $268 million in shorts liquidated throughout the wider crypto market.
Bitcoin short sellers are nursing millions in losses after Bitcoin (BTC) rocketed upward by nearly 11% to briefly notch a new yearly high of $57,000.
According to data from crypto data platform CoinGlass, over $161 million in BTC shorts were liquidated in the last 24 hours. Traders looking to gain short exposure to Ether (ETH) didn’t fare much better, with liquidations reaching almost $44 million within the same timeframe. More than $268 million in short positions were liquidated as Bitcoin briefly touched $57,000.
More than $270 million in short positions were liquidated in total as the market spiked upward.
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Source: https://cointelegraph.com/news/bitcoin-short-sellers-lose-161-million-btc-price-rally