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Home Markets Cryptos

Crypto short-seller lose $6.7 million as Bitcoin nears $35,000

Olumide Adesina by Olumide Adesina
July 4, 2021
in Cryptos, Markets, Spotlight
Crypto short-seller lose $6.7 million as Bitcoin nears $35,000
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Short sellers are presently having their fingers burnt, with Bitcoin bulls fighting to reclaim the $35k mark amid the ongoing crypto market volatility.

Recent data shows about 33,304 traders were liquidated with the largest liquidation order occurring at Bitmex-BTC valued at $6.7 million.

What is shorting a crypto asset?

Shorting a crypto asset in principle means the investor’s main objective is to sell the digital asset at a high price and buy it back at a lower price.

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Unlike most investors who like to buy cheap and sell at a premium, short-sellers adapt the order of this mechanism by aiming to sell high and buy low. This process is permitted in the Crypto derivative market.

READ: Billions of dollars evaporate in the crypto market on strong U.S dollar

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Outlook of Bitcoin and other major crypto assets

At press time, the global crypto market cap value stood at $1.44 trillion, posting 3.43% for the day with the daily total crypto market volume ranging around $61 billion, which makes a 0.60% increase.

Bitcoin’s price is currently $34,750.04 with the pioneer crypto-asset dominance currently at about 45.4%.

READ: 1billion XRP worth $1.6 billion released into the Crypto market

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Though market pundits, including strategists at JPMorgan, the world’s most valuable bank, anticipate a number of investors will sell at least a portion of their Grayscale Bitcoin holdings after the July unlocking period, the growing adoption of the pioneer crypto has kept Bitcoin at least above the $30,000 price levels.

In addition, prices of major altcoins like Ethereum, Dfinity, Cardano, Solana all surged on the FTX exchange amid favourable reports revealing Skybridge Capital will launch a private Ethereum fund to complement its $25 million Bitcoin fund.

Related

Tags: BitcoinEthereumGrayscale

Comments 1

  1. Aralamo mojeed says:
    July 4, 2021 at 11:33 am

    Will bitcoin still rise

    Reply

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