- The short traders witnessed a loss of $200 million this week, amid market climb.
- Bitcoin has increased by nearly 23.31% during the week.
Bitcoin (BTC), the dominant cryptocurrency in the global crypto market, has been experiencing a positive price momentum since the beginning of 2023. The market leading coin has reached a two-month high of around $20k amid the market’s rapid surge. Despite this, short traders have witnessed a massive loss following the upsurge of BTC.
According to the latest reports, a total of $82,000,000 in Bitcoin short trades have recently been liquidated.
During the past few days, the global cryptocurrency market capitalization has attained a notable rally. The value of Bitcoin rose significantly along with the price of the top altcoins, such as Ethereum (ETH) and Cardano (ADA). However, as a result, the short traders witnessed a loss of $200 million this week, as per reports.
Bitcoin Bounces Back
According to the data from CoinGlass, 95,223 traders have been liquidated in the last 24 hours, for a total of $605.30 million. The largest single liquidation order occurred on the Huobi Global exchange, with a BTC-USDT value of $6.84 million. Also, around $216.22 million has been liquidated in BTC over the last 24 hours.
At the time of writing, Bitcoin is trading around $20,851.48 with a one-day trading volume of $53,003,774,730. As per CoinMarketCap, BTC has increased by nearly 11.08% during the past 24 hours. Also, the token has obtained a major rally in the week, by registering an increase of 23.31%.
Moreover, Bitcoin’s market dominance has increased, and it now has 41.0% of the market. Ethereum has a 19.3% market dominance.
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