Bitcoin Nears $35k Mark While Short-Sellers Lose $6.4 Million

At the moment, short-sellers are at a disadvantage as bitcoin bulls work hard to get back to the $35k mark. Amidst the ongoing volatility, bitcoin enthusiasts are putting in all their efforts to ensure that the asset returns to its top position.

At the moment, a liquidation order occurred at the Bitmex-BTC where the value was $6.4 million. The total number of traders who were part of this order is 33,304. Short-sellers lost $6.4 million as the major crypto bitcoin nears the $35k mark.

In cryptocurrency trading, short selling, also known as short, is the act of buying a digital asset at a lower price and selling it for a higher one. This is different from the standard process of buying an asset for a low price and selling it at a premium cost. The premium cost is when the price of an asset is higher than its usual value.

Short-sellers use the mechanism order to sell cryptos at a high price and buying them at a low one. This method that short-sellers use has the permission to be used in the crypto derivatives market.

The global cryptocurrency market capital at the moment stands at $1.44 trillion where the posting is 3.43% per day. The total daily cryptomarket volume ranges around $61 billion which means that there is an increase of 0.60% every day.

Bitcoin has the crypto-asset dominance of about 45.4% at the moment and its current price lies at $34,750.04. However, it is anticipated that the large-scale investors will sell major portions of their Bitcoin holdings after the July unblocking period.

Analysts and strategists including JPMorgan which is the world’s largest valuable bank are among those who anticipate this major sell-out. Bitcoin has been able to maintain its position slightly above $30,000 price levels thanks to the adoption of the pioneer crypto model.

Prices of other major crypto coins such as Ethereum, Dfinity, Cardano, Solana, and others surged on the FTX exchange. The price surge occurred despite the reports that a new Ethereum fund will be launched by Skybridge Capital to complement its bitcoin fund that values at $25 million.