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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Short Traders Get the Short End Of The Stick As Bitcoin Breaks $47,000

Best Owie
Best Owie
1 year ago
2 mins read
Liquid

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Bitcoin price has shattered $47,000 and has left in its wake the bloodbath that is short liquidations. These short traders that obviously expected the previous market trend of low momentum to continue have now incurred hundreds of millions of dollars in losses in the crypto market, and in a very short time too. The bloodbath has not eased up either since bitcoin is still firm in its recovery trend.

Bitcoin Traders Get Rekt

Bitcoin had been on a slow but steady recovery trend over the past week. However, the weekend would quickly put a stop to this slow trend as the digital asset had surged drastically on Sunday night. This trend continued into Monday, seeing the cryptocurrency break the $47,000 price level, setting a three-month high record for bitcoin.

Related Reading | Bitcoin Retakes Robust Position As Price Nears $45,000

This increase in price had seen short traders liquidated almost immediately. These traders who had millions in the market riding on bitcoin continue to fall would see themselves lose millions before the trading market open on Monday.

Bitcoin liquidations

BTC liquidations reach $169 million | Source: Coinglass

As usual, bitcoin led the pack in terms of liquidation losses. The digital asset saw tens of millions of shorts liquidated in just a matter of minutes following the price surge. In total, there have been more than $60 million in shorts liquidated in the past 12 hours as of the time of writing. On the 24-hour scale, the numbers are even grimmer given that more than $169 million in liquidations have been recorded.

Liquidations Rock Crypto Market

On a broader scale, a lot of crypto traders have been burned in just the last 24 hours ago. Most notable was when the price of bitcoin had successfully broken past $45,000. This point is where bears mounted significant resistance and it was expected it will fall once again from this point like it has the past three months. But traders would bear the brunt of this given that over $100 million in BTC and ETH shorts were liquidated in a mere five minutes after this.

Bitcoin price chart from TradingView.com

BTC surges past $47,000 | Source: BTCUSD on TradingView.com

Data from Coinglass shows that over $187 worth of liquidations has been recorded in the crypto market in the last 12 hours. While more than $432 million in liquidations have happened in the last 24 hours. Naturally, Bitcoin and Ethereum make up the majority of these liquidations, almost rivaling each other.

Related Reading | Here’s Why ADA Could Replicate Ethereum’s 2017 bullish break-out 

It also shows that a total of 78,079 traders have been liquidated in this one-day period. While Bitmex saw the largest single liquidation order which was valued at $10 million.

Featured image from Futurity, charts from Coinglass and TradingView.com
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Best Owie
Best Owie

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.

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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.

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