Bitcoin price

Bitcoin Price Surge: $447M BTC Shorts Liquidated in 4 Hours

Bitcoin price first hit crossed above $60,000 on March 13 reaching an all-time of $61,683 according to Coinmarketcap data. For weeks, the flagship cryptocurrency stalled around $56,000 to $59,000 after it couldn’t sustain its move above $60k. This led to some doubts on whether the bullish drive would continue.

However, in the early hours of Saturday, we reported that Bitcoin’s price once again reclaimed the $60,000 level and edged very close to its ATH. The price action took BTC to an intraday high of $61,276 while other altcoins follow suit. Also, the total market cap of all cryptocurrencies currently sits above $2 trillion.

Source: Bybt

Per a Bybt’s report, the price rally has forced traders to liquidate $447 million worth of BTC short positions in four hours. Furthermore, Glassnode’s Lex Moskovski revealed that $163,745,606 BTC shorts were liquidated in one hour adding that “being a bear is expensive.” According to the Bybt’s data, the total amount of liquidation for Bitcoin longs equals $67.77 million.

Bitcoin Price Rallies Ahead of Coinbase Listing

The news of Bitcoin’s price rally foreruns April 14, which is the day scheduled for Coinbase to go public on NASDAQ.  According to a report from Bitcoin Magazine, there is no doubt that this recent rally would have a positive impact on Coinbase’s listing. The long-term sustainability of Bitcoin and other cryptocurrencies will determine the growth of Coinbase, the report reveals.

The second-largest cryptocurrency, Ethereum, has hit an all-time high following Bitcoin’s upsurge. Although ETH rallied up as high as $2,197 before it finally retraced. Binance coin also soared to an all-time high of $487, according to Coinmarketcap.

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