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

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

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Fri, 29/01/2021 - 9:58

$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.

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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About the author

Yuri Molchan

Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He 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.