ANGRY BITCOIN BULL SQUEEZES 130 MILLION SHORTS!17 Nov 2020 11:41
Over a $130 Million in Bitcoin Shorts Liquidated as Bitcoin Reclaims $10,000
Over $130 million in Bitcoin shorts were liquidated as Bitcoin reclaimed $10,000.
Within an hour Bitcoin rose over $600.
Today Bitcoin reclaimed the $10,000 level as the crypto surged over $600 in under an hour. However, this price surge is not all good news. According to cryptometer.io, over a $130 million worth of Bitcoin shorts were liquidated in the last 24-hours on BitMEX, a major crypto derivatives exchange.
Total Crypto Derivatives Volume in 2020 Q1 Surpasses $2 Trillion
Many traders with Bitcoin shorts were greeted with liquidation notices as the crypto surged in a short period of time. Bitcoin shorts allow traders to bet against Bitcoin’s price rising. If Bitcoin’s price declines traders can close their position and make a profit. However, if the price rises, the value of the position will decline. In addition, many traders utilize leverage and margin trading. For example on a 10x leverage, gains and losses are both amplified 10x. While 10x leverage offers room for some price volatility, many exchanges offer far greater leverage options, where a price change of only a few percent can result in liquidations and traders losing their entire position.