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.
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.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team