Over $800 Million Bitcoin Shorts Liquidated As Price Surges 12% In 24 Hours
July 26 2021 - 1:00PM
NEWSBTC
Bitcoin price continues to see incredible movements over the past
24 hours. The price of the coin has moved over 10% as the crypto
market sees increasing momentum. The movement comes hot on the
heels of the news breaking of Amazon integrating bitcoin payments
in their platform. The market seems to have taken this and just run
with it. Although the news is yet to be confirmed, investors
continue to rush to buy the digital asset. The price surge has led
to hundreds of millions of shorts being liquidated in just a
24-hour time frame. So far, the market has seen over $1 billion
shorts liquidated in just 24 hours as bears take hit after hit in
the market. Related Reading | Number Of Investors Holding
Bitcoin Tripled In Last Three Years Bitcoin which had been trading
mostly steady at the $34,000 price point throughout the weekend had
started seeing noticeable movement as the weekend drew close.
There’s a couple of factors that seem to have contributed to the
uptick in price. News ranging from Musk making confirmations that
he held bitcoin, and so did his companies Tesla and SpaceX seem to
have been a catalyst for it. Then the Amazon rumor helped to push
it over the edge. Market Reaction To Elon Musk’s Amazon Billionaire
Elon Musk was on The B Word conference with CEO of Ark Invest,
Cathie Wood, and Twitter CEO Jack Dorsey to talk about the digital
asset. It was during this conference that Musk had confirmed that
SpaceX and Tesla did indeed hold bitcoin on their balance sheets.
Following this announcement, the price of the digital asset finally
broke $32,000 and continued to slowly trend upwards after a small
dip. This completely turned what the market had expected to be a
continuing downturn into an upwards market. But at this point,
there still was not enough price uptick to make shorter liquidate
their positions. Related Reading | SpaceX Has Bitcoin On Its
Balance Sheet, Elon Musk With the price of the digital asset
surging to $39,000 in just the span of a few hours, shorters are
now recording significant losses as bears rush to liquidate their
shorts positions on exchanges. Binance alone had recorded the
liquidation of shorts to the tune of over $100,000,000 in just a
few hours after the price surge began. The digital asset price had
surged to as much as $48,000 on Binance Futures in the same time
period. Crypto Shorts Liquidations Across Exchanges Reports show
that over $1 billion shorts have been liquidated from exchanges in
the last 24 hours. The largest amount of liquidations so far has
been on Binance. And bitcoin liquidations account for over 72% of
the liquidations being carried out. Related Reading | Bitcoin
Volume Continues To See Yearly Lows As Price Struggles To Recover
Most of the liquidations happened in the span of 12 hours. With the
single largest liquidation happening on Huobi-BTC that saw a $29.3
million position liquidated as the market rages on. Ethereum and
Monero follow behind bitcoin for the largest number of positions
being liquidated in the market in the past 24 hours. With Dogecoin
liquidations running up behind Monero. The recent price surge has
seen bitcoin add over $100 billion to its market cap as the price
currently trades for $38,164 according to TradingView.com at the
time of this writing. BTC price closes in on $40,000 | Source:
BTCUSD on TradingView.com Featured image from SwissBorg, chart from
TradingView.com
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