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
-62% and 978,000,000 SHIB in 24 Hours: This Is Extremely Good Sign
Morning Crypto Report: Why Is XRP Price Up Today? Ripple CEO and President Defy Retail Fear, Cardano at Risk of 20% Death Cross Crash
New CFTC Chair Nominee Is XRP Supporter
Bitcoin Core Drops Four New Security Alerts, What’s at Risk?
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