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

News
Fri, 01/29/2021 - 09:58
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Yuri Molchan
Glassnode data shows that, after Elon Musk shared his positive views on Bitcoin on Twitter, a whopping $57 million of Bitcoin short positions were closed on Binance
$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.

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.

BTC
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.

Related
BTC Soars as Elon Musk Twitter Bio Section Now Shows One Word: Bitcoin

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

BTC
Image via Twitter
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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.