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Cryptocurrency markets have been consolidating after a few volatile spikes and subsequent dumps over the last few weeks. Now a lot of crypto-traders are uncertain what will happen next, but quite a lot of people are showing pessimism by betting against cryptocurrencies like BTC with short positions. At the moment, BTC/USD short positions on Bitfinex […]
The post Markets Update: BTC Shorts Approach Record Highs This Week appeared first on Bitcoin News.
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Just hours after short positions on Bitcoin eclipsed longs, and as BTC shorts volume reached an all-time high, Bitcoin saw an explosion, appreciating over US$900 in under an hour, a growth of 13%. Since the pump, global cryptocurrency markets have risen over 10%, to just under US$300 billion. Speculators overwhelmingly agree that the cause for such a price movement was a textbook short squeeze. A short squeeze occurs when a sharp price movement forces the liquidation of short contracts, causing each losing trade to market buy their position. As a result, these market buys further push the price upwards, causingPowered by WPeMatico