Bitcoin Bears Get Rekt: Shorts Suffer $450 Million Liquidation

The price of Bitcoin broke $20,000 this morning, in a sudden spike that sent its market cap past $380 billion for the first time ever.

Naturally, Bitcoin believers are excited.

Bears, though, are probably less so. According to data on the crypto trading platform Bybt, over $450 million in Bitcoin short positions has been liquidated over the past 12 hours.

And beyond Bitcoin, over $520 million of all cryptocurrency was liquidated across the broad range of exchanges trawled by the site (these include Binance, Bitmex, OKEx, and FTX).

Liquidations of short positions on #Binance in the past hour: $94,293,438#Bitcoin

Chart: https://t.co/sF5leWOdat pic.twitter.com/Ch3PWrkLhQ

— glassnode (@glassnode) December 16, 2020

Nearly 50,000 traders were affected, and while the biggest losers were Bitcoin shorters, around $31 million of Ethereum and $22 million XRP was also liquidated.

The global crypto market cap has risen by 6% today, and almost every major coin is up.

Tag someone who needs to see this pic.twitter.com/CLiegHauqp

— Pomp (@APompliano) December 16, 2020

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