Bitcoin Declines on Liquidated Short Positions
The world’s largest crypto asset by market valuation slid below $44,000 after making a strong uptrend since the beginning of the week. The decline in price of the asset was due to short positioning by investors.
Bitcoin is currently priced at $43,900 after the digital crypto asset experienced a surge of about 6% in 24 hours. The recent rally was supported by an improved sentiment in the market. Retail investors are also holding to the asset with an expectation that its price will maintain an uptrend.
In and out trading sessions on crypto exchange, there have been profit taking but not strong enough to reverse the bullish trend. Bitcoin has held onto its rise this week. Before some exits were booked, Bitcoin, the largest digital asset by market value, had traded above $44,000 Wednesday.
Optimism that exchange-traded funds based on actual bitcoin, rather than futures tied to the digital currency, will soon be approved have buoyed the cryptocurrency. That rise wiped out roughly $90 million of futures bets against bitcoin on Tuesday, according to Coinglass.
ADA and DOGE are top gainers on Wednesday, Dec. 6, surging over 10% in the last 24 hours. Also, Ethereum’s price is trending at the press time holding above $2250. Top crypto assets by market capitalization are in the green due to the semi-rally on Wednesday.
Nearly $100 million in bitcoin short positions were liquidated in the past 24 hours on centralized crypto exchanges, according to Coinglass data. The bitcoin market experienced increased volatility over the past day. This price action caused the wipe-out of approximately $122 million in Bitcoin positions, with $96 million being shorts.
According to The Block’s Data Dashboard, over $260 million has so far been liquidated in short BTC liquidations in the initial five days of December. #Bitcoin Declines on Liquidated Short Positions Nigeria Eurobond Slumps after CBN Resumes OMO Auction