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.
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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.
Godfrey Benjamin
Dan Burgin
Denys Serhiichuk
Tomiwabold Olajide