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Almost $400 Million Short Positions Liquidated as Bitcoin Price Blasts Through $20,000

The cryptocurrency market, once again, took everyone by a storm, with Bitcoin finally making the move that everyone was eager for.

The cryptocurrency broke above $20,000 and is even pushing further ahead. This has led to massive liquidations of short positions, the total number of which is almost $400 million in the past hour alone.

More Than $500 Million of Short Positions Liquidated in an Hour

Trading is a zero-sum game. This means that for some traders to be profitable, others need to lose, hence the constant battle between bears and bulls.

It’s safe to say that Bitcoin bulls had the upper hand in today’s trading session as bitcoin’s price blasted through the coveted $20,000 and charted a brand new all-time high at prices never seen before.

At the time of this writing, the cryptocurrency is trading at around $20,500 for a daily increase of 6.6%.

The liquidated short positions, however, have also skyrocketed. Data shows that in the past hour alone, the short liquidations have surged to almost $400 million across the major exchanges.

bybt_data
Total Liquidations. Source: Bybt

The majority of the liquidations come from Binance, which takes 41.3% of the total share, followed by Huobi and OKEx.

The Entire Market Moves Forward

While short positions are feeling the pain right now, the entire market seems to be moving forward.

btc_market
Cryptocurrency Market Heatmap. Source: Quantify Crypto

Ethereum is back above $600, and at the time of this writing, there are no serious signs of slowing down. The total market capitalization increased by more than $20 billion in the last couple of hours, and it’s interesting to see what happens next as BTC is officially in price discovery.

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About The Author

George Georgiev

Georgi Georgiev is CryptoPotato’s editor-in-chief and a seasoned writer with over two years of experience writing about blockchain and cryptocurrencies. Georgi’s passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn’t looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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