$150 Million In Short Squeeze Liquidated As Bitcoin Scales Above $53,000
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On Monday, Bitcoin surged above $53,000. At 13:15 GMT, the coin was exchanging hands at $53,324, a 7.07% increase over the last 24 hours.
However, about $150 million worth of shorts were liquidated within a few hours as bulls returned to take a firm grip over the market. The cryptocurrency rose from $47,000 to over $53,000 as the short squeeze occurred following a fall to the bear market late last week.
Other cryptocurrencies like ETH, BNB, also experienced short squeeze as they rose by around 15%. As Bitcoin recovered by 12% within a single day, it appears the futures market is completely reset.