Rising dramatically in price, Bitcoin touched $31K and $100 million of shorts we liquidated

A large number of short risky positions were liquidated when Bitcoin rose to $30,950

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Bitcoin rose and touched $31K and left many of the traders in awe as they had bet on a bearish pullback.

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Source: Coin360

Further data from other sources have confirmed BTC’s peak at $30,960 on the second day of January 2021.

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TC/USD 1-minute candle chart. Source: TradingView

Followed by a bullish charge that raised BTC levels more while press-time levels were struggling to reach 31K. Not all the traders felt the same. Some were cheering and celebrating while others were gloomy.

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A tweet from a bot that tracked liquidated trades on BitMEX derivative said “I'm shocked, shocked to find that gambling is going on in here!”. The tweet states that the shorters had incurred $10m of loss.

The altcoins saw rises in their values as well. Dodgecoin rose by 42% while ETH, the second most well-known currency, dropped below $750.

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Cryptocurrency(5)

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