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
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.
Vladislav Sopov
Dan Burgin