#BTC #🔥 Bitcoin rally causes 6 billion USD losses for short sellers in the sector
MicroStrategy, which has risen by over 300% this year, has increased the losses of the crypto shorts by another 1.4 billion USD.
📉 Traders who bet on price declines in crypto companies like Coinbase, MicroStrategy and Marathon have accumulated paper losses of 6 billion USD so far this year.
📈 The over 165% increase in Bitcoin drives the profits in crypto stocks, which are strongly linked to the price of the digital currency.
The optimism has increased the chances of a short squeeze, where growth forces the short sellers to buy back the stocks they have bet against, to exit their loss positions, which drives the stock prices even higher.
🏦 Coinbase has caused the most pain for short sellers who have bet against the sector this year. The 330% increase in the company has led to losses of about 3.5 billion USD.
TL;DR
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| 🔥 Bitcoin Rally Burns Short Sellers 🔥 |
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| 📉 6 Billion USD Losses in Crypto Sector 📉 |
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| 📈 Bitcoin and Crypto Stocks Soar 📈 |
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| 🏦 Coinbase and MicroStrategy Lead the Charge 🏦 |
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#BTC $BTC
