Related Reading | Number Of Investors Holding Bitcoin Tripled In Last Three Years
Market Reaction To Elon Musk
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 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 in the same time period.Crypto Shorts Liquidations Across Exchanges
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:
Featured image from SwissBorg, chart from TradingView.com