$52 Million Shorts Liquidated On BitMEX As Bitcoin Price SpikeS To 5-Day High

Monday’s trading session introduced a fresh wave of renewed optimism as Bitcoin hit 5-days highs before pulling back down again. The cryptocurrency saw a sudden 5% increase in its price which caused a massive liquidation of shorts positions on Bitcoin margin trading exchange BitMEX. 

Bitcoin Price Hits 5-Day Highs

A few short hours ago, Bitcoin’s price spiked upwards of 5 percent, reaching around $10,510. This was the highest it got in the past five days as Monday’s trading session sparked a fresh wave of renewed optimism throughout the entire market. 

Naturally, the move also gave momentum to some of the major large-cap altcoins such as ETH, XRP, Bitcoin Cash, Litecoin, and BNB. Most notably, BNB increased by around 3 percent over the same period.

However, it didn’t take long for Bitcoin to retrace as well. In the hours following the sudden leg up, the cryptocurrency lost about half of its latest gains. At the time of this writing, the cryptocurrency is trading at around $10,300, which marks an increase of around 2.5 percent for the past 24 hours. 

BTC/USD. Source: CoinGecko

$52 Million Worth of Shorts Liquidated at BitMEX

As one could easily imagine, a sudden move with such a velocity in any direction is likely to cause the liquidation of a lot of open positions. In this case, short positions at Bitcoin margin trading guide BitMEX got obliterated. 

BitMEX Shorts Liquidation

As seen on the chart, approximately about $52 million worth of shorts were liquidated on BitMEX following Bitcoin’s notable leg up. 

However, it’s also worth noting that the decline which followed, even though not as rapid as the move up, has also caused a lot of long positions to be liquidated as well. 

In any case, it’s worth noting that margin trading involves a serious amount of risk and even though it could also help you increase your profits, it should be used very carefully.