Bitcoin Breaks Above $30,000, Wipes Out $100mln Short Positions January 2, 2021 January 2, 2021 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsJanuary 2, 2021 by Kelly Cromley

Bitcoin Breaks Above $30,000, Wipes Out $100mln Short Positions

Bitcoin (BTC) broke above the psychological level of $30,000 to hit a new high of $31,356. While the news is elating for Bitcoin bulls, it has spelled bad news for short sellers who never expected Bitcoin to break above $30,000.

Data provided by Cointelegraph Markets, TradingView and Cryptometer affirmed that BTC/USD continues to rise even at the time of writing this article and on its way upwards $100 million of short positions have been liquidated.

Against the backdrop of high volatility, Bitcoin broke above $30,000 multiple times on New Year’s Day, eventually staying above the psychological level. The initiative was fueled by a rise in momentum that pushed the crypto further higher.

Even though several crypto enthusiasts lauded, many traders lost heavily in matter of few minutes.

A bot monitoring dilution of trades on derivatives behemoth BitMEX summed up as follows in the following tweet:

“I’m shocked, shocked to find that gambling is going on in here!”

Figures indicate that short sellers lost around $10 million on BitMEX exchange alone, a stark reminder of how dangerous Bitcoin can turn out in case of wrong assessment. In the meanwhile, altcoin are seeing portfolio churn out. Dogecoin (DOGE), a well-tracked meme crypto, rallied 42% in a day, while altcoin driver Ether (ETH) skyrocketed above $750.

Notably, Cointelegraph Markets analyst MichaΓ«l van de Poppe trusts that the month will pave way for the beginning of a wider “alt season.”

When Bitcoin hit $30,000, he tweeted:

“The higher this impulse wave goes for #Bitcoin , the higher the next one will be as well. 2021 is going to be fire.”

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.