The renewal of the October high of the BTC provoked a massive liquidation of contracts for lower prices.
After bitcoin surpassed $11,000, exchanges liquidated $138 million worth of short positions of traders.
The leader in terms of liquidation was the Binance crypto exchange, which closed positions for $ 38 million.
This was followed by Houbi, which closed shorts of $31 million.The top five included OKEx, Bybit, and BitMEX, which liquidated short positions of $18-24 million.
Short positions allow traders to bet on a decrease in the price of bitcoin in the future.Traders use leveraged trading, which can amplify profits but also losses.Trading with high leverage comes with the risk of liquidation during price fluctuations.
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