Over $50 Mln Worth of Bitcoin Shorts Liquidated as BTC Surpasses $11,000

Alex Dovbnya

Bitcoin has soared above $11,000 first time since September, punishing the bears

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Fri, 9/10/2020 - 12:09

Over $50 Mln Worth of Bitcoin Shorts Liquidated as BTC Surpasses $11,000

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Bitcoin is spending another day in the green after surging above the $11,000 level for the first time since Sept. 20 at 11:02 UTC on the Bitstamp exchange.

The top cryptocurrency soared to as high as $11,118 before giving up some gains.

As reported by U.Today, Bitcoin ended its 12-day streak of range-bound trading on Oct. 8 when payments giant Square announced the acquisition of $50 mln worth of BTC.

The overleveraged bears who expected the Square pump to dissipate the following day took quite a beating this morning, with $50.56 mln worth of shorts being liquidated over the past hour, according to data provided by Bybt.

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About the author

Alex Dovbnya

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