Almost $40 million worth of shorts liquidated as Bitcoin spikes

12 Jun, 2019
by Richard Allen
Bitcoin
Almost $40 million worth of shorts liquidated as Bitcoin spikes

Bitcoin has just recently seen a surge of almost 5% in 24 hours, with most of those gains taking place in the last hour or so. The move appears to have taken many bearish investors by surprise as almost $40 million worth of Bitcoin shorts have being liquidated on BitMEX.

Early last week, Chepicap reported on $108 million worth of longs being liquidated. This time, however, longs generally remained confident in their prediction, with just $1.7 million being liquidated.

According to data from Datamish, the last six hours have seen $38.85 million worth of shorts be liquidated, with the vast majority ($29.6 million) being liquidated at around 17:10. About five minutes later, a further $7.6 million were liquidated.

In May, BitMEX saw a record-breaking $131.4 million worth of shorts liquidated shortly after Bitcoin breached $8,800.

While BitMEX may be a giant among crypto margin trading, the world’s biggest exchange, Binance is delving into the margin trading arena with testing currently ongoing. Binance chief executive, Changpeng Zhao recently confirmed several details about the upcoming feature.

At the time of writing, Bitcoin is recording gains of 4.47% over the last 24 hours, now trading at $8,174.67.

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Read more about: Bitcoin (BTC) Bitmex

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