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.

“We are likely headed even higher,” he said earlier Thursday. “Bitcoin’s rally is being driven by a mix of strong ETF inflows, renewed institutional demand, and a broad risk-on environment as investors anticipate Fed rate cuts.” Some other major cryptocurrencies are up higher on the day, with Ethereum rising almost 8% to $2,970, Dogecoin popping 6% to $0.192, and XRP climbing 5.5% to $2.55.

Terron Gold