Note

Bitcoin Rally Liquidates $1 Billion Worth of Short Crypto Positions

· Views 42

Bitcoin, the world’s most valuable digital currency, spiked more than 10% in the last 24 hours after reports of Amazon’s crypto plan. The latest rally in BTC has triggered massive liquidations across the crypto market.

According to the latest data posted by crypto analytics and tracking platform Bybt.com, nearly $1 billion worth of short crypto positions were liquidated in the last 24 hours. Overall, $860 million worth of Bitcoin positions got liquidated within a single day after the world’s largest cryptocurrency touched $39,000 for the first time in nearly 6 weeks.

Around 85% of the liquidated Bitcoin positions were short trading positions. Ethereum came at the second spot with liquidations of more than $155 million worth of positions in the last 24 hours. XRP, Dogecoin (DOGE), Chainlink (LINK), and Ethereum Classic (ETC) also saw major liquidations in the last 24 hours.

Overall, more than 100,000 trading positions got liquidated within a single day with the largest single liquidation order happened on Huobi. Bitcoin is currently trading near $38,400 with a total market cap of $720 billion. BTC’s crypto market dominance also jumped above 47%.

Amazon’s Bitcoin Plan

According to a recent report published by City AM, a London-based news platform, Amazon is planning to accept Bitcoin payments by the end of 2021. Commenting on the latest Bitcoin rally and Amazon’s potential BTC plan, Simon Peters, Market Analyst at eToro, said: “Amazon’s tentative move has sent shockwaves through crypto markets. The firm is the largest e-commerce, web hosting, and streaming provider in the world. In its full-year results for 2020, it recorded some $386 billion of revenue.”

“While too early to definitively say, the Amazon announcement could soon bear similarity to the breakout in prices caused by the announcement of PayPal that it would accept bitcoin on its platform in October 2020. When PayPal made its announcement, Bitcoin languished around $11,700, but the ensuing bull run took the crypto asset to an all-time high of $63,346,” Peters added.

Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.

FOLLOWME Trading Community Website: https://www.followme.com

If you like, reward to support.
avatar

Hot

No comment on record. Start new comment.