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    Bitcoin price quickly climbs to $31K, liquidating $100M of shorts

    Abstract:Bitcoin plays shorters for fools as a surge to $30,950 liquidates a huge number of risky positions.

      William Suberg

      Jan 02, 2021

    Bitcoin price quickly climbs to $31K, Liquidating $100M of shorts

      Bitcoin plays shorters for fools as a surge to $30,950 liquidates a huge number of risky positions.

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      Bitcoin (BTC) passing $30,000 and hitting highs of near $31,000 has caused huge pain for traders betting on a bearish pullback.

    Cryptocurrency market overview. Source: Coin360

      Data from Cointelegraph Markets, Cryptometer and TradingView confirmed that as BTC/USD peaked at $30,960 on Jan. 2, it liquidated $100 million of shorts.

    BTC shorters feel the burn... again

      Amid highly volatile conditions, Bitcoin attempted to crack $30,000 several times on New Year's Day and overnight before finally clinching the psychologically significant level on Saturday.

    BTC/USD 1-minute candle chart. Source: TradingView

      The move was accompanied by a bullish charge which soon took the largest cryptocurrency even higher, with press-time levels attempting to crack $31,000.

      While many celebrated, however, some were left far worse off than just minutes previously.

      Liquidated short on XBTUSD: Buy 10,000,000 @ 30864 ~ I'm shocked, shocked to find that gambling is going on in here!

    — REKT (@BXRekt) January 2, 2021

    "I'm shocked, shocked to find that gambling is going on in here!" a telling tweet from a bot tracking liquidated trades on derivatives giant BitMEX summarized.

      Figures suggest that shorters on BitMEX alone lost $10 million, a grim reminder of the dangers involved in second guessing Bitcoin at crucial levels.

    Dogecoin leads sudden altcoin gains

      Elsewhere, altcoin markets began to see changes of their own. Dogecoin (DOGE), a curious amover, gained 42% on the day, while leader Ether (ETH) surged back above $750.

      Cointelegraph Markets analyst Michaël van de Poppe, who believes that this month will herald the start of a broader"alt season," was characteristically bullish.

    "The higher this impulse wave goes for #Bitcoin , the higher the next one will be as well. 2021 is going to be fire," he tweeted as $30,000 hit.

      Others in the top ten cryptocurrencies showed less volatile behavior, while nothing could lift XRP, still floundering amid legal problems at major investor Ripple Labs.

    • #Bitcoin
    • #Bitcoin Price
    • #Markets

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      Bitcoin BTC/USD

      31,382.73 +1.16%

      Ethereum ETH/USD

      1,035.39 +6.84%

      Litecoin LTC/USD

      155.69 +2.75%

      Ripple XRP/USD

      0.23 +0.87%

      EOS EOS/USD

      2.82 +2.03%