Bitcoin hurtles toward $30,000, wiping out millions in short positions
Bitcoin was trading around of $29,700 shortly before 11 a.m. EDT, up nearly 4.8% since midnight.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Crypto futures traders going short suffered heavy losses on Wednesday as prices jumped. Over $60 million in short positions were liquidated in the past four hours.
The movement hit short traders, with $62 million in short liquidations. Binance and OKX experienced most of the volume, with over $17 million each.Short positions across derivatives exchanges saw the largest liquidations this year just two weeks ago. Around $240 million in shorts were liquidated on April 14, according to Coinglass data via The Block. In the past 24 hours, nearly $150 million in shorts have been liquidated.
"Only this time, the narrative shift stemmed from a larger-than-expected decline in First Republic deposits, which turned the balance sheet upside down and will be extremely difficult to recover from."potential purchasers
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