$61 Mln Worth of BTC Shorts Liquidated on BitMEX as Bitcoin Bulls Savour Taste of Revenge

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Thu, 04/02/2020 - 19:10
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Alex Dovbnya
More than $61 worth of Bitcoin (BTC) shorts have been wiped out on BitMEX an extremely volatile day
$61 Mln Worth of BTC Shorts Liquidated on BitMEX as Bitcoin Bulls Savour Taste of Revenge
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The Bitcoin bulls have managed to score their first major victory since the 38 price collapse on March 12. On Apr. 2, the price of the leading cryptocurrency jumped to an intraday high of $7,273 at 17:03 UTC. 

As a result, more than $61 mln worth of BTC shorts has been wiped out on the BitMEX derivatives exchange, according to data provided by Datamish.    

BitMEX
image by datamish.com

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A minor victory    

According to the BitMEX liquidation bot, some deep-pocketed bears recorded humongous losses with one unfortunate trader squandering at least $100,000 (implying that he used the maximum 100x leverage). 

Still, the $61 mln figure cannot hold a candle to the bull massacre that happened on 'Black Thursday' when an eye-popping $700 mln of leveraged BitMEX positions that were liquidated in one day

The bulls staged a significantly more impressive comeback exactly one year ago when $500 mln worth of shorts were wiped out after a surprising 20 percent pump. 

Related
BitMEX Claims Insurance Fund Not Empty After Black Friday

A local top?

After its 14 percent rally, Bitcoin has evaporated almost all of its recent gains in tandem with other assets. This shows that Bitcoin is still on very shaky ground, currently trading at $6,764.    

Bitcoin Price
image by tradingview.com

However, the Dow is currently in the green, which means that BTC no longer moves in lockstep with U.S. equities.    

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry β€” 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.

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