During yesterday’s growth of bitcoin and the piercing of the resistance level at $6850 cryptocurrency traders holding significant short positions on the stock exchange BitMEX, just 20 minutes eliminated the shorts for $180 million.
Cumberland: leveraged short liquidations and break-out traders drove Bitcoin $BTC move. pic.twitter.com/A1GnFesfY6
— Lighthouse (@LightCrypto) 18 Jul 2018
Cumberland trading firm, specializing in OTC-trading, traced the six closing short positions of $10 million each.
The company believes that so-called short-squeeze (“disembarkation of shortstop”) was the reason for the pulse of market growth, as the fundamental positive ahead of the jump was not observed.
Note that some traders have even complained that the website BitMEX has ceased to function. This was probably caused by the influx of shortstop covering their positions.
Recall, the price of bitcoin has confidently overcome a psychological mark in $7,000 and continued growth.