Bitcoin Rally Liquidates $1 Billion Worth of Short Crypto Positions

The total market cap of BTC jumped above $700 billion today.

Bitcoin, the world’s most valuable digital currency, spiked more than 10% in the last 24 hours after reports of Amazon’s crypto plan. The latest rally in BTC has triggered massive liquidations across the crypto market.

According to the latest data posted by crypto analytics and tracking platform, Bybt.com, nearly $1 billion worth of short crypto positions were liquidated in the last 24 hours. Overall, $860 million worth of Bitcoin positions got liquidated within a single day after the world’s largest cryptocurrency touched $39,000 for the first time in nearly 6 weeks.

Around 85% of the liquidated Bitcoin positions were short trading positions. Ethereum came in the second spot with liquidations of more than $155 million worth of positions in the last 24 hours. XRP, Dogecoin (DOGE), Chainlink (LINK) and Ethereum Classic (ETC) also saw major liquidations in the last 24 hours.

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Overall, more than 100,000 trading positions got liquidated within a single day with the largest single liquidation order happening on Huobi. Bitcoin is currently trading near $38,400 with a total market cap of $720 billion. In addition, BTC’s crypto market dominance jumped above 47%.

Amazon’s Bitcoin Plan

According to a recent report published by City AM, a London-based news platform, Amazon is planning to accept Bitcoin payments by the end of 2021. Commenting on the latest Bitcoin rally and Amazon’s potential BTC plan, Simon Peters, Market Analyst at eToro, said: “Amazon’s tentative move has sent shockwaves through crypto markets. The firm is the largest e-commerce, web hosting and streaming provider in the world. In its full-year results for 2020, it recorded some $386 billion of revenue.”

“While too early to definitively say, the Amazon announcement could soon bear similarity to the breakout in prices caused by the announcement of PayPal that it would accept bitcoin on its platform in October 2020. When PayPal made its announcement, Bitcoin languished around $11,700, but the ensuing bull run took the crypto asset to an all-time high of $63,346,” Peters added.

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