Bitcoin
Bitcoin Price Recovery Sees Rekt Shorts as Crypto Market Recovers
After a difficult start to the week, Tuesday brought a modest recovery across the crypto market, with almost every token in the top 100 coins by market cap making gains over the previous day. But the increase generated more than $92 million in settlements in the last 24 hours – $62 million in short positions, according to data from CoinGlass.
O Bitcoin price is trading up 2.7% to $61,746 and the Ethereum price up 1.8% to $3,394 in the past 24 hours at the time of writing, with top performers over the past day including meme coins Pepe and Dogwifhat, up 14.2% and 13% respectively, as well as gaming-centric token Notcoin, up 9.5%.
However, good news for the global market is bad news for investors taking short positions. In the last 24 hours, the data shows, 33,296 traders were liquidated. Even bullish traders saw some turbulence, however, with around $30.6 million in long positions also recovered the previous day.
The world’s main cryptocurrency has shown a downward trend in the last two weeks and fell to $59,780 yesterdayaccording to Crypto exchange Coinbase.
Several factors exerted downward pressure on Bitcoin-from a sale of seized BTC by Germany to predicted movements of long-frozen Bitcoin held by failed crypto exchange Mt. Gox. Some analysts, however, are debating if BTC price has bottomed.