Bitcoin has surprised the market with its recent surge. The digital asset which has been struggling below $40,000 for the past week made a break for it with an incredible rally that saw its peak above $44,000.
It took the market by surprise and no doubt the traders as liquidations have been the order of the day. Short traders have gotten the short end of the stick as they see hundreds of millions liquidated in the past day.
Short traders have been dominating the market for a while now given that the value for the cryptocurrency has been trending low.
This was made worse by the Ukraine-Russia crisis. Bitcoin had managed to hold its ground around the $36K-$38K level without slipping too low. Monday would however prove to be a deviation from the norm as the recovery took the market by surprise.
On Monday, bitcoin had rallied past $44,000 in what can be described as a sharp ascent. Happening over a matter of minutes, short traders were caught unawares by this movement.
As such, millions of dollars in short positions were liquidated and $40K price walls across exchanges were all brought down.
In total, over $100 million worth of bitcoin positions has been liquidated in the last 24 hours. The last 12 hours account for about 50% of this volume as the price continues to maintain upwards momentum.
In total, there has been $147 million worth of BTC liquidations in the past 24 hours.