Alex Dovbnya
The bears had to face a rude awakening after Bitcoin’s short-lived price spike
About $52 mln worth of shorts was burned in a snap on BitMEX, the derivatives exchange that remains the number one destination for risk-taking traders.
The Twitter bot, which tracks BitMEX liquidations, posted one particularly bad trade that resulted in at least $77,037 being wiped out with 1:100 leverage.
The Bitcoin price suddenly spiked to $10,604, but it failed to keep up its momentum and retraced to the $10,300 level shortly after a huge green candle.
Image by Binance
About the author
Alex Dovbnya
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.