The sudden rise of the flagship crypto asset, Bitcoin, from its low last week, has dashed the anticipation of investors who shorted it in anticipation of more losses. This has led to the loss of hundreds of million USD for these traders.
Bybt data revealed that traders who shorted BTC had lost about $240 million, resulting from the sudden rise in price of the asset. In the last few hours, the leading crypto asset has seen its value cross the $50k mark again.
Bitcoin, since its all time high of above $60k in early April, has seen the bear market take over the industry with the asset dropping to as low as $47,006.
However, within the last few hours, the digital asset posed a significant high of about 12 percent which pushed it above $50k again. As of press time, BTC is trading above $52.000 on Bitstamp exchange.
Bitcoin's recovery has also affected other altcoins who have also seen a significant rise in price. Assets like Ethereum, XRP, Cardano, BNB and others have also regained some of their losses. Notably, ETH has had a surge of up to 13 percent and it is currently trading around $2483.
The rise in values of these digital assets have pushed the overall crypto market cap very close to $2 trillion again.
Join the newsletter to receive the latest updates in your inbox.