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Bitcoin surges after massive short liquidation

Roughly $1.21 billion in short positions were liquidated as Bitcoin rose 7.9% in a day to around $77,000.

Reported · Written up by our desk · Bitcoin

Bitcoin rose sharply in the latest session, climbing 7.9% to around $77,000 as a short squeeze accelerated losses for bearish traders, according to Decrypt.

The outlet said about $1.21 billion in shorts were liquidated during the move, reflecting a rapid unwind of downside positions.

Decrypt also attributed the surge to a wave of favorable developments from Washington that helped lift sentiment in crypto markets.

Latest closeBitcoin $81,906.63 ▼1.4%

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