More than $19 million in Bitcoin shorts got liquidated on BitMEX.
The Bitcoin price has risen above $9,000.
The top-ranked cryptocurrency by market capitalization is attempting another go at the $10,000 price mark.
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A bloodbath for BitMEX XBT-USD shorts has seen about $19.4 million in liquidations over the past 24 hours, with the Bitcoin (BTC) price moving above $9,000.
Data from CryptoMeter.io shows $19.4 million worth of Bitcoin shorts wrecked vs. $4.49 million for traders with long positions [CryptoMeter.io].
Bitcoin’s 3% gain over the last 24 hours appears to have caught BitMEX short traders unaware, with the top-ranked cryptocurrency by market capitalization attempting another go at the $10,000 price mark. Such was the rapidity of the shorts closeout that $15 million was liquidated almost instantly, as reported by crypto market analytics platform Coinalyze.
Source: Coinalyze
The most recent mass liquidations have been due to sudden Bitcoin price declines. A drop to $8,600 earlier in May saw more than $1.3 billion in forced liquidations across the cryptocurrency futures market.
As earlier reported by BeInCrypto, Bitcoin was within sight of breaking out of its descending pattern that began in mid-May. The Bitcoin price is currently up more than 27% year-to-date.
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Osato is a reporter at BeInCrypto and Bitcoin believer based in Lagos, Nigeria. When not immersed in the daily happenings in the crypto scene, he can be found watching historical documentaries or trying to beat his Scrabble high score.
Osato is a reporter at BeInCrypto and Bitcoin believer based in Lagos, Nigeria. When not immersed in the daily happenings in the crypto scene, he can be found watching historical documentaries or trying to beat his Scrabble high score.
