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Bitcoin [BTC], the world's largest and most important cryptocurrency, has been in the news since it broke the $ 5,000 mark. This breach has contributed to the rise of several other pieces on the market, many increasing to double digits. Notably, Bitcoin continued to grow, with the difference of 24 hours remaining in green.
It is interesting to note that the unexpected rise in the coin had a negative effect on the brokers as several positions were liquidated over a short period. According to some sources, the violation of $ 5,000 would have resulted in the liquidation of $ 400 million of short films on BitMEX, a Bitcoin Mercantile Exchange. According to an article on Reddit, about $ 30 million worth of short films were closed on Bitfinex, one of the main cryptocurrency trading platforms, down about 27%.
Source: TradingView
Notably, the decline was the lowest bitcoin shorts for over a year, with March 2018 registering the same level as the current one.
Richard Heart, a Twitter user, commented,
"[…] someone closed 5k
#Bitcoin shorts at $ 5,255 without touching the order book (closed on his own account.) It's $ 26,275,000 shorts that you can not press anymore. "
Short sellers, unlike long sellers, make a profit by borrowing funds when the bitcoin market follows an upward trend, after which the badets are sold on the market. These badets are then recovered when the Bitcoin market follows a downward trend. Conversely, long-term sellers are those who profit from the sale of their badets when the market follows a bullish trend and buy when the market follows a bear market.
Zatline, a Redditor, said:
"If the leveraged shorts are low, it means that no one can profit from it if prices collapse, it's usually when the matkets tend to collapse … c & # 39; is more bearish than bullish "
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