Bitcoin return to $71K would wipe $1.38B shorts
If Bitcoin returns to the price it had been hovering around for the previous two days before the slight dip, it would wipe out a considerable number of short positions.
Should Bitcoin quickly rebound from its recent dip to its June 6 price of $71,000, over a billion dollars worth of short positions will be liquidated.
On June 7, Bitcoin
BTC
tickers down
$69,659
dropped 3.33% to $68,507 before slightly recovering above its key level of $69,000 amid broader macroeconomic uncertainty triggered by the United States Employment Situation Summary Report, which revealed more job growth than expected during May.
Along with Bitcoin’s price decline, Ether
tickers down
$3,690
also saw a 3.58% decline over the 24 hours, and several altcoins, such as Solana’s
SOL
tickers down
$160
, Dogecoin
DOGE
tickers down
$0.15
and Pepe
PEPE
tickers down
$0.000013
, took a hit of 5.61%, 8.70% and 9.99% respectively, according to CoinMarketCap data.
The market plunge led to a $409.51 million wipe out of short and long positions across the board, according to CoinGlass data. Of that, $56.71 million were long positions in Bitcoin.
If Bitcoin returns to $71,000, approximately $1.38 billion in short positions will be liquidated. Source: CoinGlass
However, two days before Bitcoin’s price decline, on June 5 and 6, it hovered between $70,000 and $71,662. Many traders were hopeful it might inch closer to its all-time high of $73,679.
