Just-In: Crypto Shorters Bleed As Bitcoin Price Nears $29K

Bitcoin News: The global digital asset market registered a massive rally on Wednesday as the biggest cryptocurrency, Bitcoin (BTC) price jumped by around 8% over the past 24 hours. Data depicts the current Bitcoin price surge has left the crypto shorters bleeding.

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Bitcoin Price Jump Prove Traders Wrong

According to the Coinglass data, more than 46K traders have been liquidated in the last 24 hours. The cumulative liquidation has been reported to be over $162.05 million, while, the biggest liquidation order of BTC/USDT valued at $4.67 million got executed on the crypto exchange Binance.

Out of the total liquidations of $162.05 million, 80.4% of the positions (approx worth $130 million) turn out to be short positions. This suggests that crypto traders were expecting a major Bitcoin price drop as uncertain sentiments guided the market. However, Binance reported the most liquidation, $54 million, over the past day.

Alone Bitcoin saw more than $75 million worth of long and short liquidation over the past day. As per the data, $61.21 million worth of Bitcoin short positions got liquidated. Read More Bitcoin News Here…

While, the biggest altcoin, Ethereum (ETH) registered over $27 million of long and short liquidation amid the ongoing rally. Around $21 million worth of short positions got liquidated in the last 24 hours.

Also Read: SEC Asked To Report In Coinbase’s Crypto Rulemaking Case In Next 120 Days

BTC Moves Market Up

The cumulative market cap jumped by more than 6% over the past day. It now stands at $1.14 trillion with a $66 million inflow. The 24 hour trading volume spiked by 66% to stand at $48 billion.

With the recent 8% jump, Bitcoin price is up by around 12% in the last 7 days. BTC is trading at an average price of $28,901, at the press time. Its 24 hour trading volume jumped by a massive 84% to stand at $28 billion.