Bitcoin rally sees shorts get rekt to the tune of $500m on BitMex alone

02 Apr, 2019 | Updated: 02 Apr, 2019
Price Action
Bitcoin rally sees shorts get rekt to the tune of $500m on BitMex alone

Bitcoin may have started Tuesday on a good note, but the traders who were shorting bitcoin sure did not. Bitcoins massive price surge which saw a nearly $1,000 move upwards, took out over $500 million in bitcoins shorts. 

Bitcoin is no stranger to volatility, and perhaps traders had forgotten that up until recently, when BTC soared to $5,129 on popular leverage trading platform, BitMex.

The massive price surge over an hour period saw over $500 million in trades liquidated on BitMex alone.

The price increase has seen BitMex already trade $3 billion in volume today, 3x more than yesterday. The surge in BTC price was not 100% known, however several factors could be included, such as the recent April fools articles doing the rounds yesterday, including an Bitcoin ETF approval as well as Warren Buffett investing in Bitcoin, both turned out to be false article, but garnered plenty of traffic, potentially causing some bullish bias.

Read more: Why is Bitcoin pumping today?

The overall market has also looked more bullish over the course of March, and the time might have just been right following the breakout of key resistance at $4,200 for BTC, which caused over $80 million in buy orders to break through resistance and push the price upwards in rapid succession, ultimately liquidating over $500 million in BTC shorts on BitMex alone. 

BTC has slowly begun retracing to the mid-4000's and looks to be stabilizing around $4,500 currently. Could we expect another leg up if the $4,200 resistance becomes support? Everyone will be keeping a close eye on the charts today.

Read more: Crypto community goes crazy after Bitcoin and altcoins pump: 'OG's knew'

Following the liquidation of over $500 million. One person will be smiling today that is for sure, The CEO of BitMex exchange Arthur Hayes. 

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