2 crypto short traders hit by $100 million loss as Bitcoin reached historic $75K high Insights BitcoinDerivatives
2 crypto short traders hit by $100 million loss as Bitcoin reached historic $75K high
Market rally amid Trump's election win hits short sellers hard.
Bitcoin’s surge to a record-breaking $75,000 has led to staggering losses for two unidentified traders on Binance who had bet against its price rising.
According to Coinglass data, these tradersโ positions were liquidated for $74.98 million and $36.48 million in the early hours of Nov. 6. These two liquidations alone account for about 30% of the $373.98 million in total losses short traders faced over the past 24 hours across all major crypto exchanges tracked by the data platform.
Crypto community members speculate that the liquidated positions may belong to a crypto whale or a major trading firm.
On Nov. 6, Bitcoin reached its new all-time high of $75,361 following Donald Trumpโs victory in the presidential election. This news triggered a broad market rally, lifting several digital assets by double digits.
Analyst 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Latest Insights
In this insight
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
