Bitcoin Bears Get 'Rekt' As Shorts Suffer $74M Liquidation: Analyst Says 'You've Got To Pump It'

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Bitcoin BTC/USD bears are getting wrecked arsenic the apex crypto continues to clasp the $18,000 important level, according to a cryptocurrency analyst.

What Happened: The terms of Bitcoin broke $18,000 precocious evening connected Wednesday, successful a abrupt spike that sent its marketplace headdress past $350 billion.

And beyond Bitcoin, implicit $238 cardinal of each cryptocurrency was liquidated crossed a wide scope of exchanges including Binance, Bitmex and OKEx.

See More: Best Crypto Day Trading Strategies

According to information from CoinGlass, implicit $74 cardinal BTC has been shorted successful the past 24 hours. Ethereum ETH/USD saw the astir liquidation, implicit $111 cardinal connected Wednesday.

It seems that shorts person been ‘rekt’ (meaning wrecked), according to crypto trader Jason A. Williams. Interestingly, successful the past hour, BTC is not among the apical 8 coins specified arsenic Cardano ADA/USD, Flow Token FLOW/USD, Dogecoin DOGE/USD among others that are suffering large liquidations.

In the past 24 hours, 40,724 traders were liquidated. The planetary crypto marketplace headdress has risen by 4% contiguous to $889.98 cardinal and astir each large coin is up.

Price Action: BTC was trading astatine $18,223  up 4.64%. ETH at $1,398, up 5.11% successful the past 24 hours, according to Benzinga Pro.

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Source Benzinga