Bitcoin shorters ‘are getting rekt’ after new $75K high

Almost $180 million in short positions in Bitcoin have been wiped as it hit an all-time high, with an analyst saying it is “meaningful” that it is driven by spot demand.

Bitcoin traders who bet on an election-induced price decline have been liquidated to the tune of $180 million as the cryptocurrency shattered its previous all-time high and briefly hit $75,000.

Bitcoin short positions wiped

On Nov. 6, Bitcoin

$BTC hit a new high of $75,000.85 on Coinbase, breaking through its prior peak of $73,679 set on March 13 and liquidating about $179.1 million in Bitcoin short positions in the next four hours, according to CoinGlass data.

Source: CoinTelegraph