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$240 Million Worth of Shorts Liquidated as Bitcoin Stages Sudden Comeback

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Mon, 04/26/2021 - 04:20
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Alex Dovbnya
After Bitcoin suddenly bounced back from its multi-week low, hundreds of millions of dollars worth of short positions got wiped out
$240 Million Worth of Shorts Liquidated as Bitcoin Stages Sudden Comeback
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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.      

Liquidations
Image by bybt.com

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Bitcoin collapsed to yet another multi-week low of $47,006 at 09:45 p.m. UTC on the Bitstamp exchange.

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.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.