Loss of $6.7 million hits Crypto short-seller as Bitcoin approaches $35,000

Short sellers are currently suffering unpleasant consequences, with Bitcoin bulls fighting to recoup the $35k mark amid the ongoing crypto market frivolity.

Latest data shows around 33,304 traders were obliterated with the largest liquidation order taking place at Bitmex-BTC Worthing $6.7 million.

Concept of shorting a crypto asset

Crypto asset shorting simply means the investors aim is to buy digital asset at a low price and sell at higher price.

Different from a lot of investors who prefer to buy inexpensive and sell at a premium, By intending to buy low and sell high, short sellers conform the order of this mechanism.

This course of action is allowed in the Crypto derivative market.

Prospect of BTC and other Key Crypto assets

At press time, the universal Crypto market cap value was $1.44 trillion, displaying 3.43% for the day with the day to day entire crypto market volume ranking around $61 billion, which makes a 0.60% rise.

The price of BTC is presently $34,750.04 with the ground breaker crypto-asset dominance presently at around 45.4%

Though pundits in the market not excluding strategists at JPMorgan, most valuable bank in the world, expect that after the July unlocking period at least a part of their Grayscale Bitcoin holdings will be sold by some investors, the groundbreaker Crypto growing adoption has held Bitcoin above at least the $30,000 price levels.

In accession, Surging on the FTX exchange  are the prices of altcoins like Dfinity, Ethereum, Solana and Cardano in the middle of prosperous reports disclosing Skybridge Capital will establish a private Ethereum fund to complete it’s Bitcoin fund of $25 million.

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