Markets
Bitcoin Price Rebound Sees Shorts Rekt as Crypto Market Recovers
After a rocky start to the week, Tuesday brought a modest rebound in the cryptocurrency market, with nearly every single token among the top 100 coins by market cap posting gains compared to the previous day. But the upward surge triggered more than $92 million liquidations in the last 24 hours: $62 million in short positions, according to CoinGlass data.
THE price of Bitcoin is trading up 2.7% at $61,746 and the Ethereum price as of this writing, the rise was 1.8% to $3,394 over the past 24 hours, with top performers over the past day including meme coins Pepe and Dogwifhat, up 14.2% respectively and 13%, as well as gaming-focused token Notcoin, up 9.5%.
Good news for the market as a whole, however, is bad news for investors who take short positions. In the last 24 hours, the data shows, 33,296 traders were liquidated. However, even the most optimistic traders noticed some turbulence, with long positions of around $30.6 million also rectified last day.
The world’s top cryptocurrencies have trended downward in each of the last two weeks, and yesterday it fell as low as $59,780according to cryptocurrency exchange Coinbase.
A number of factors have exerted downward pressure Bitcoin-from a Seized BTC sell-off from Germany to expected movements of long-frozen Bitcoins held by failed cryptocurrency exchange Mt. Gox. Some analysts, however, argue if the price of BTC has hit bottom.