Bitcoin [BTC], the largest cryptocurrency by market cap, has been marking several milestones ever since the beginning of this year. The coin has shown significant recovery from its December 2018 bottom, rising by over $3000 since then. Notably, the largest cryptocurrency broke through the $6000 and $7000 marks in a matter of a week. To add, the coin has also been successful in maintaining its level around $7900 and $8100 for the past four days.
Amid this, a trader closed 10,500 BTC short position on Bitfinex, which was approximately $84 million, on 15th May 2019. Soon after this, Alistair Milne, a well-known Bitcoin proponent, took to Twitter to state that Bitcoin’s long/ short ratio currently stands around 60:40 ratio. He said,
Someone closed a ~10,500BTC short position on Bitfinex today
Given the lack of price action & volume, it was probably ‘claimed’
Long/short ratio now approx 60:40 pic.twitter.com/groYeF3B4P
— Alistair Milne (@alistairmilne) May 16, 2019
Moixam, a Redditor said,
“I love it when the haters put their money where their mouth is, and then they get destroyed ”
According to CoinMarketCap, at press time, Bitcoin was trading at $7,879 with a market cap of $139 billion. The trading volume of the cryptocurrency was $33.43 billion and the coin witnessed a significant rise of over 29 percent in the past seven days. Notably, Bitcoin’s rally past the $8000 mark resulted in a major bullish sentiment in the market, with several influencers claiming that the bull was back in the market.
Tyler Winklevoss, the co-founder of Gemini, one of the leading cryptocurrency exchanges in the world, said,
“Bitcoin breaking 8k this time feels lot different than the last time. So much progress has been made since then and it’s only the bottom of the first inning! “
To this, CryptoCrackLord said on Twitter,
“I’m surprised at the growth at which
#bitcoin and #crypto in general are experiencing. It’s far, far more than I expected. I expected slow upwards growth, maybe a big push by the end of the year. This explosion in price has been insane.”
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