According to data provided by Bybt, $239.52 million worth of short positions got liquidated on major cryptocurrency exchanges over the past four hours.
The bears accounted for a whopping 91 percent of all liquidations recorded during the above-mentioned time period.
Advertisement
Crypto Market Prediction: XRP's Last Chance Before $1, Another Bitcoin (BTC) Wave to Set $100,000 in Stone, Shiba Inu (SHIB) Comeback to the Bottom is Possible
Ethereum’s Buterin Advocates for Stronger Crypto
XRP Hits Astonishing 1,694,200% Liquidation Imbalance, Vitalik Buterin Breaks Silence on Ethereum Outage, $185 Million in Bitcoin Exits Binance in Minutes – Crypto News Digest
Morning Crypto Report: Elon Musk's SpaceX Relocates $100 Million in Bitcoin, USD Stablecoin $1 Million Exploit, New Cloudflare Outage Takes Down Coinbase
However, the flagship cryptocurrency has managed to stage an impressive comeback, soaring as much as 12 percent in hours.
At press time, Bitcoin is trading at $52,212 on the Bitstamp exchange.
Altcoins also bounced back hard, with the total market cap of all cryptocurrencies now sitting at $1.9 trillion.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team