Bitcoin price has shattered $47,000 and has left in its wake the bloodbath that is short liquidations. These short traders that obviously expected the previous market trend of low momentum to continue have now incurred hundreds of millions of dollars in losses in the crypto market, and in a very short time too. The bloodbath has not eased up either since bitcoin is still firm in its recovery trend.
Bitcoin Traders Get Rekt
Bitcoin had been on a slow but steady recovery trend over the past week. However, the weekend would quickly put a stop to this slow trend as the digital asset had surged drastically on Sunday night. This trend continued into Monday, seeing the cryptocurrency break the $47,000 price level, setting a three-month high record for bitcoin.
Related Reading | Bitcoin Retakes Robust Position As Price Nears $45,000
This increase in price had seen short traders liquidated almost immediately. These traders who had millions in the market riding on bitcoin continue to fall would see themselves lose millions before the trading market open on Monday.
BTC liquidations reach $169 million | Source: Coinglass
As usual, bitcoin led the pack in terms of liquidation losses. The digital asset saw tens of millions of shorts liquidated in just a matter of minutes following the price surge. In total, there have been more than $60 million in shorts liquidated in the past 12 hours as of the time of writing. On the 24-hour scale, the numbers are even grimmer given that more than $169 million in liquidations have been recorded.
Liquidations Rock Crypto Market
On a broader…