News - Bitcoin bull run liquidates more than US$300 million in one day

By Ted Maas

Bitcoin bull run liquidates more than US$300 million in one day

Bitcoin (BTC)
Investing

Almost all traders were happy with Bitcoin's price rise and the rest - short sellers were not. They lost US$300 million.

Bitcoin's massive price increase today created an upbeat mood in the crypto market. BTC rose more than 12 percent and at one point was even above US$35,000. But according to the saying ‘the death of one, is the bread of another’ short sellers had to face the truth today. Data from analysis platform Coinglass showed that more than US$300 million in short positions were liquidated in the past 24 hours.

Going short is an investment strategy that bets on falling prices. The investor borrows the asset and then sells it. By doing this, the investor hopes to buy the asset back later at a lower price and return it to its true owner. The trader keeps the difference as "profit." An investment tool that many traders have taken advantage of in recent months. Today, however, it dropped the other way around.

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