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Bitcoin Rises By 13% as Bitcoin Shorts Liquidates Over $111 Million

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Bitcoin Rises By 13% as Bitcoin Shorts Liquidates Over $111 Million

With more than $170 billion coming back to total market value, the crypto market is starting the week with a fresh look.

Building on the strong momentum of the weekend, the cryptocurrency market is in a green state today and the total market value is up more than 11%. According to data from CoinGecko, that total is currently at its highest level in nearly three weeks, reaching $1.6 trillion.

Bitcoin was the catalyst for this move, rising 13% within a day to hit a local high of $39,500. It has declined slightly since then, but it is still at $38,160 at press time.

This move by BTC eliminated more than a month of losses in just a few hours. 

Bitcoin Shorts Getting Liquidated

On-chain analytics platform CryptoQuant recorded the large-scale liquidation of Bitcoin shorts positions on major exchanges and reported that 3,280 BTC short positions were liquidated in just three hours. Based on the price before the big hike, that amount is roughly equal to $111 million.

Bitcoin price has now broken the 50-day moving average and the target resistance is a little higher than $40,000. The previous high was set during the decline. Breaking this level can cause prices to rise rapidly, but the 200-day moving average is still in a bearish trend.

After weeks of being in the bear zone, DeFi-related tokens also received a significant boost. The top-performing assets right now include a 40% increase in AMP, a 19% increase in SUSHI, and a 17% increase in RUNE after two THORChain attacks this month.

Other good performers are Polkastarter (POLS), Aave (AAVE), Terra (LUNA), Kava (KAVA), 1Inch (1INCH), and Ren (REN), all of whom achieved double-digit growth. Ethereum rose 10% to $2,390 and is currently trading at $2,340.

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