Bitcoin Rise to $21,000 Leads to $590M Short Liquidation – Cryptonium News

Bitcoin Rise to $21,000 Leads to $590M Short Liquidation

In one of the most impressive rallies of the year, bitcoin surged to the US$2, 000 level overnight, exceeding its two-month high of US$21, 000.

Most other currencies followed suit, with more than US$650 million in liquidation in a 24-hour period, mostly in short positions.

The beginning of the year has been quite good for the cryptocurrency market. Bitcoin, for example, was around $16,500 on January 1, but after a lull in the first few days, its value began to rise, topping $17,000 earlier this week.

Over the next few days, the major cryptocurrency continued to soar, reaching $20, 000 late last night. At this point, values did not slow down, reaching $21, 240 on Bitstamp.
Individual altcoins have also surged in the past 24 hours, with Solana a lock, up 40% to hit a multi-month high of $23.

Polkadot (20%), Shiba Inu (14%), Ethereum (10. 5%), Cardano (11%), Dogecoin (11%), Polygon (10%), and OKB (10%) rose double digits.

As a result, the total market capitalization of the virtual currency market approached $1 trillion for the first time in several months.

According to CoinGlass, short investors were not satisfied with the impressive rally. The total amount of positions liquidated in the past day was $650 million, of which $590 million came from short positions.
More than 110, 000 investors lost positions during that time period, with the main order being Huobi for more than $6.5 million. Repeated retries…