The price of Bitcoin has just plunged to another all-time high, and hundreds of millions of dollars in shorts have been liquidated.
In short, the price of Bitcoin has just surpassed $116,000 for the very first time, continuing a recent series of high all-time jumps over the past two days - and the non-believers are being beaten by short liquidations.
Bitcoin is currently priced at $116,734 according to data from Coinbase, marking a 4.8% increase over the last 24 hours after weeks of being below the previous record price, just under $11,000.
According to data from CoinGlass, Bitcoin shorts are getting wrecked. More than $560 million in crypto positions have been liquidated in the last hour alone, most of them being short. Bitcoin shorts accounted for over $425 million of these liquidations, with shorts representing all but about $5 million of this total.