Markets
Bitcoin Price Rebound Sees Rekt Shorts As Crypto Market Recovers
After a rough start to the week, Tuesday brought a modest rebound to the crypto market, with almost every token in the top 100 coins by market cap seeing gains compared to the day before. But the increase generated more than $92 million in liquidations in the last 24 hours: $62 million in short positions, according to CoinGlass data.
THE Bitcoin price is trading up 2.7% at $61,746 and the Ethereum price the rise is 1.8% to $3,394 over the past 24 hours, at the time of writing, with top performers over the past day including meme coins Pepe and Dogwifhat up 14.2 and 13%, respectively, as well as gaming-centric token Notcoin, up 9.5%. .
However, good news for the market as a whole is bad news for investors who take short positions. In the last 24 hours, according to the data, 33,296 traders were liquidated. However, even bullish traders saw some turbulence, with long positions of around $30.6 million also recorded over the past day.
The world’s leading cryptocurrency has been trending downward in each of the last two weeks, and fell as low as $59,780 yesterdayaccording to Crypto exchange Coinbase.
A number of factors have put downward pressure on Bitcoin-of sale of seized BTC by Germany to anticipated movements of long-frozen Bitcoin held by the failed crypto exchange Mt. Gox. However, some analysts debate if the price of BTC has reached a bottom.