Bitcoin soars, short traders lose the biggest loss since April | CoinDesk JAPAN | Coin Desk Japan


CoinGlass data shows $178 million worth of cryptocurrency bets were liquidated in 24 hours, the biggest single-day loss for short traders since April. rice field.

Total liquidation including long and short exceeded $203 million (approximately ¥28,815 million), Bitcoin (BTC) futures lost $75 million (approximately ¥10,646 million), Ethereum (ETH ) futures followed at $51 million. Pepecoin (PEPE) futures, at just under $10 million, were the worst altcoins.

Short is a bet on the price of any financial asset to fall, while long is a bet on the price of any financial asset to rise. Cryptocurrency exchange Binance recorded a loss of $65 million, while OKX lost $58 million.

Liquidation refers to the forced closing of a trader’s leveraged position by an exchange due to the loss of some or all of the trader’s initial margin. This happens when a trader is unable to meet the margin requirements of a leveraged position (there is not enough money to continue trading).

A large liquidation can mark a local peak or trough in a sharp price move, and traders can take positions accordingly.

Bitcoin hit the $30,000 level for the second time this year, following a series of applications for ETFs in the United States. This has spurred the rise of major tokens, with Cardano (ADA), Solana (SOL) and Dogecoin (DOGE) posting at least an 18% weekly gain.

Data suggests options traders are betting even higher after Bitcoin’s sudden surge in price. Such sentiment is almost a 180-degree turn from early June, when bullish expectations were dampened by U.S. restrictions on Binance and Coinbase.

Some market observers say the trend is likely to continue if ETF applications by traditional financial giants such as BlackRock are approved in the coming months.

“Bitcoin’s rise is clearly part of a larger trend demonstrating a shift to Bitcoin as a strong and established store of value,” said Alex Adelman of Bitcoin redemption app Lolli. Adelman, CEO said in an email. “Bitcoin’s recent rise to more than 50% market dominance in the cryptocurrency market has made it a highly secure and decentralized holding with long-term proven value for institutional investors and individuals alike. It reflects the growing demand for Bitcoin among investors.”

Adelman added, “The spate of Bitcoin ETF applications from major financial institutions like BlackRock, Fidelity and Invesco suggests that new regulatory guidelines will allow institutional investors to invest in Bitcoin-based It represents the green light we’ve been waiting for to launch the product and meet customer demand,” he added.

|Translation: coindesk JAPAN
|Editing: Toshihiko Inoue
|Image: Shutterstock
|Original: Bitcoin’s Price Bump to $30K Sees Short Traders Nurse Biggest Loss in 2 Months

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