Short sellers are getting burned right now, as Bitcoin bulls battle to regain the $35k level amid the current crypto market turmoil.
According to recent statistics, 33,304 traders were liquidated, with the highest liquidation order valued at $6.4 million occuring at Bitmex-BTC.
What does it mean to short a Crypto Asset?
In theory, shorting a crypto asset means the investor’s main goal is to sell it at a high price and then purchase it back at a lower one.
Unlike most investors, who want to buy low and sell high, short-sellers reverse the order of this process by attempting to sell high and purchase low. In the Crypto derivatives market, this technique is legal.
Bitcoin’s and other key Crypto Assets’ Prospects
At press time, the worldwide crypto market capitalization was $1.44 trillion, up 3.43 percent on the day, with daily total crypto market volume hovering at $61 billion, up 0.60 percent.
Bitcoin’s price is presently $34,750.04, and the pioneer crypto-asset has a 45.4 percent market share.
Despite market analysts, including strategists at JPMorgan, the world’s most valuable bank, predicting that a number of investors will sell at least a portion of their Grayscale Bitcoin holdings after the July unlocking period, Bitcoin has remained above the $30,000 price level due to growing adoption.
Furthermore, prices of key altcoins like as Ethereum, Dfinity, Cardano, and Solana all soared on the FTX market on news that Skybridge Capital will create a private Ethereum fund to supplement its $25 million Bitcoin fund.
