Get ready, crypto investors! The cryptocurrency world was humming with action recently as nearly 232,149 traders saw their short positions liquidated, thanks to a massive market rally that took Bitcoin to record-breaking highs. Over $1 billion in crypto short positions was erased in 24 hours as the crypto giant soared to unimaginable heights.
Based on CoinGlass data, around $570 million was cut from Bitcoin shorts and a further $206.93 million from Ether shorts. This dramatic turn of events happened as Bitcoin notched up fresh record highs two days in a row, hitting $112,000 on Wednesday and then $116,500 on Thursday. Ether wasn’t far behind with a substantial rise to $2,990 on Thursday.
The sudden surge triggered a formidable response from the industry. The crypto market cap shot up by 4.4% over the past 24 hours, reaching an astounding $3.63 trillion, following CoinMarketCap’s data. Internationally reputed crypto analyst, Miles Deutscher’s reaction to this wild ride was a simple, “Bears in disbelief.”
Earlier in the week, there was some skepticism over Bitcoin’s ability to breach new ceilings. Bitfinex analysts suspected a lack of strength from Bitcoin traders, considering its struggle to overtake its current all-time high. However, other traders were more hopeful. Michaël van de Poppe, founder of MN Trading Capital, even predicted a breakthrough to an all-time high for Bitcoin in the coming week.
As of now, crypto investors are betting their stakes on the prices remaining stable or perhaps, even rising further. Yet, they also face a risk of around $2.11 billion in long positions if Bitcoin were to drop to Wednesday’s $112,000 price mark.