Data from Bybt analytics platform shows that over the past four hours, traders have liquidated an astounding amount of BTC short positions.
Meanwhile, earlier today, Bitcoin soared to the $61,500 level.
$447 million in BTC shorts liquidated
According to the analytics data from Bybt, in the past four hours today, a wave of liquidations has rolled across major crypto exchanges as almost half a billion in Bitcoin shorts was liquidated.
As for BTC longs, the liquidations have totaled $67.77 million.
Data provided by another analytics agency, Glassnode, stated that in the past hour, $163,745,606 of Bitcoin shorts has been liquidated.
Bitcoin surges to $61,564, Ethereum hits $2,200
Earlier today, the flagship cryptocurrency resumed rallying and soared to the $61,500 zone on the top-tier digital exchange Binance.
The bull-run is likely to have resumed due to the fact of the increased demand from financial institutions and the fact that Bitcoin miners have started accumulating for the first time in the last five months instead of selling their minted coins.
The second largest crypto, Ethereum, also soared to a new all-time high today, reaching $2,200 but then rolling slightly backwards.
Ethereum has been pushed to the North by the 19-percent decline in ETH balances on crypto exchanges and due to the fact that the amount of ETH locked in the Ethereum 2.0 deposit contract has hit a new all-time high of over $8 billion.
Alex Dovbnya
Arman Shirinyan
