Bears Rekt: $1 Billion Shorts Liquidated in a Day, Most Since October 2020

Bitcoin is ripping. After weeks of prolonged consolidation and rangebound trading where the price seemed stuck around $19K, the cryptocurrency added over $1.5k in the past 24 hours alone.

At the time of this writing, BTC is found at $20,600, up 6.8% on the day. The rest of the market is also soaring, pushing the total capitalization toward $1 trillion.

btc_price_chart_26102 — Source: Binance via TradingView

The events of late have also left around $1 billion worth of short positions being liquidated.
Data from the popular cryptocurrency analytics resource, CryptoQuant, reveals that this is the highest number of short positions being liquidated since October 2020.

btc_shorts_liquidated_cryptoquant — Source: CryptoQuant

At the time of this writing, the total liquidations stand around $1.12 billion, where almost $1 billion of this comes from short positions.
It also appears that this recent move has significantly improved the broader market sentiment, which is now in a state of fear, whereas yesterday it was in a state of extreme fear.

The post Bears Rekt: $1 Billion Shorts Liquidated in a Day, Most Since October 2020 appeared first on CryptoPotato.

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