Over $ 800 Million Bitcoin Shorts Cleared As Price Rises 12% In 24 Hours

The price of Bitcoin continues to experience incredible movements during the last 24 hours. The price of currency it has moved more than 10% as the crypto market sees growing momentum. The move comes on the heels of news of the rumors of Amazon integrates payments with bitcoin on your platform. The market seems to have taken this and just kept going.

Although the news has yet to be confirmed, investors are still rushing to buy the digital asset. Rising prices have led to the sale of hundreds of millions of shorts in just a 24 hour period. So far, the market has seen more than $ 1 billion worth of shorts sell off in just 24 hours as the bears take hit after hit in the market.

Related reading | The number of investors owning Bitcoin tripled in the last three years

Bitcoin, which had been trading mostly steady at the $ 34,000 price point all weekend, began to see notable movement as the weekend approached. There are a couple of factors that appear to have contributed to the price rally. News ranging from Musk making confirmations that he owned bitcoin, and also his companies Tesla and SpaceX appear to have been a catalyst for it. Then the Amazon rumor helped push it to the limit.

Market reaction to Elon Musk’s Amazon

Billionaire Elon Musk was at The B Word conference with Ark Invest CEO Cathie Wood and Twitter CEO Jack Dorsey to discuss the digital asset. It was during this conference that Musk had confirmed that SpaceX and Tesla did have bitcoin on their balance sheets.

Following this announcement, the price of the digital asset finally broke $ 32,000 and continued a slow uptrend after a small dip. This completely turned what the market expected to be a continuing recession into a bull market. But at this point, there was still not enough price hike to shorten their positions.

Related reading | SpaceX has Bitcoin on its balance sheet, Elon Musk

With the price of the digital asset climbing to $ 39,000 in just the span of a few hours, shorters are now posting significant losses as bears rush to liquidate their short positions on exchanges.

Binance had only recorded the settlement of shorts to the tune of more than $ 100,000,000 in just a few hours after the price surge began. The price of digital assets had risen to $ 48,000 in Binance Futures in the same period of time.

Crypto Shorts liquidations through exchanges

Reports show that more than $ 1 billion in shorts have been liquidated from exchanges in the last 24 hours. The largest amount of liquidations so far has been on Binance. And bitcoin settlements account for more than 72% of the settlements that take place.

Related reading | Bitcoin volume continues to see yearly lows as price struggles to rally

Most of the settlements occurred within 12 hours. With the largest sell-off occurring at Huobi-BTC which saw a $ 29.3 million position liquidated as the market moved forward.

Ethereum and Monero are still behind bitcoin for the most positions liquidated in the market in the last 24 hours. With the Dogecoin liquidations behind Monero.

The recent price surge has seen bitcoin add more than $ 100 billion to its market capitalization, as the price is currently trading for $ 38,164 according to TradingView.com at the time of writing this article.

BTC price closes in on $40,000 | Source: BTCUSD on TradingView.com
Featured image from SwissBorg, chart from TradingView.com

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