Short Traders Decimated As Bitcoin Barrels Past $43,000

Best Owie

Last Updated: June 11, 2024 9:56 am

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin has surprised the market with its recent surge. The digital asset which has been struggling below $40,000 for the past week made a break for it with an incredible rally that saw its peak above $44,000. It took the market by surprise and no doubt the traders as liquidations have been the order of the day. Short traders have gotten the short end of the stick as they see hundreds of millions liquidated in the past day.

Bitcoin Liquidations Run Amok

Short traders have been dominating the market for a while now given that the value for the cryptocurrency has been trending low. This was made worse by the Ukraine-Russia crisis. Bitcoin had managed to hold its ground around the $36K-$38K level without slipping too low. Monday would however prove to be a deviation from the norm as the recovery took the market by surprise.

On Monday, bitcoin had rallied past $44,000 in what can be described as a sharp ascent. Happening over a matter of minutes, short traders were caught unawares by this movement. As such, millions of dollars in short positions were liquidated and $40K price walls across exchanges were all brought down.

BTC on another recovery trend | Source: BTCUSD on TradingView.com

In total, over $100 million worth of bitcoin positions has been liquidated in the last 24 hours. The last 12 hours account for about 50% of this volume as the price continues to maintain upwards momentum. In total, there has been $147 million worth of BTC liquidations in the past 24 hours. Shorts account for the majority of this figure, although there have been millions in long liquidations, however to a lesser degree.

Altcoins Not Left Out

Not only has bitcoin recorded large liquidations over the last day, but altcoins have also recorded large liquidation volumes in the same time period. Naturally, bitcoin has suffered the majority of liquidations but that is expected as it is the most valuable asset in the space. However, this does not mean that altcoins have dodged the onslaught as they have also recorded over $100 million in liquidations.

Ethereum leads altcoins in liquidations as $58 million has been recorded over the past day. Same as Bitcoin, shorts have been the major contributors to this number as ETH has also recovered towards $3,000.

Crypto liquidations surpass $300 million in 24 hours | Source: Coinglass

An unlikely candidate, Luna, has come in third place in terms of liquidations. The native token of the Terra blockchain had seen $14 million in liquidations in the past 24 hours, over $6 million of which were recorded in the last 12 hours alone. The altcoin is up more than 20% in the last day, recording one of the largest increases in the recent rally.

Featured image from NationalWorld, charts from Coinglass and TradingView.com

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.