Short-Sellers Get Rekt as Bitcoin Surges Past $28,000 Mark
The past 24 hours have been challenging for the short-sellers as Bitcoin (BTC) hit the $28,000 mark after spending nearly one month below it. As a result, over $100 million worth of shorts got liquidated.
October has ushered in a bit of pressure on crypto bears. And according to historical bullish patterns in October, the pressure may just be getting underway.
Over $100 Million Worth of Crypto Short Positions Liquidated
According to the data from Coinglass, traders lost over $117.99 million to liquidations in the past 24 hours. While some long positions were also liquidated, the majority of losses came from short positions.
In the past 24 hours, short-sellers ate more than $100 million in losses