Bitcoin Shorts Get Rekt as BTC Tops $116K for First Time

The price of Bitcoin just shot above the $116,000 for the first time ever, continuing a recent string of all-time high jumps over the last two days—and non-believers are getting pummeled with short liquidations. Bitcoin is currently sitting at a price of $116,734 according to data from Coinbase, marking a 4.8% climb over the last 24 hours after weeks of being rangebound below the previous record price just under $112,000.

According to data from CoinGlass, Bitcoin shorts are getting slammed. More than $560 million worth of crypto positions have been liquidated in the last hour alone, with most of them shorts. Bitcoin shorts accounted for over $425 million worth of those liquidations, with shorts making up all but about $5 million worth of that tally. Over the past 24 hours, crypto liquidations total $912 million, driven in part by earlier all-time high pops for Bitcoin. That total includes $542 million worth of Bitcoin shorts. Earlier in the day, Joe DiPasquale, CEO of crypto fund manager BitBull Capital, told Decrypt that there were likely more gains ahead.