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$57 Million in Bitcoin Shorts Liquidated in 10 Minutes on Binance Thanks to Elon Musk

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Fri, 29/01/2021 - 9:58
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$57 Million in Bitcoin Shorts Liquidated in 10 Minutes on Binance Thanks to Elon Musk
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According to the Glassnode CTO and founder, Rafael Schultze-Kraft, traders on Binance have liquidated a staggering $57 million in Bitcoin futures short positions in just ten minutes.

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He mentioned that this was the result of "a single word," obviously hinting at Elon Musk adding "Bitcoin" to his Twitter bio line earlier today. The news made headlines immediately.

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Image via Twitter

After Elon did that, Bitcoin showed a massive rise, surging from the $32,000 zone to over $36,000. At press time, BTC is trading at $37,101, as per data from CoinMarketCap.

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Prominent crypto analyst PlanB believes that Elon Musk has bought the dip, while previously the Tesla CEO only admitted to owning 0.25 BTC.

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Image via Twitter

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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