With Bitcoin crossing $ 47,000, $ 448 million became a liquid trading position

According to the latest statistics, following the sudden jump of Bitcoin since this morning, in the last 24 hours, more than $ 448 million have been liquidated, about 80% of which were shorts.

To Report Crypto Potito, the price of bitcoin reached more than $ 47,700 this morning; The level that the world’s largest digital currency has not seen since January 2 (January 12). However, the jump in prices has also hurt futures traders, liquidating more than $ 448 million in the last 24 hours.

According to the analytical website Coinglass, about 80% of all liquidated trading opportunities were shorts (in order to reduce prices).

Liquidation occurs when a money changer completely closes the trader’s leveraged trading position to prevent the initial amount owed to the trader from being burned. In fact, trading platforms do not allow a trader’s account balance to reach less than his debt. This happens primarily in futures markets.

With the arrival of Bitcoin on the seventh consecutive day of rising, the price of this digital currency is on a steady path. At the time of writing, Bitcoin is trading at around $ 47,200. It is worth mentioning that today the price in some exchange offices reached the highest level of $ 47,765.

Bitcoin has not been able to reach this price level since January 2, when it entered a downward trend. Following this jump, the price of this digital currency has now increased by almost 14% in the last seven days.

Quingleglass data show that the largest liquidated order was for a Bitmex exchange. This trading position is related to the Perpetual Bitcoin futures market with a value of about $ 10 million.