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Crypto short-seller loses $6.4 million as Bitcoin nears $35,000

Short sellers are presently having their fingers burnt, with Bitcoin bulls fighting to reclaim the $35k mark amid the ongoing crypto market volatility.

Recent data shows about 33,304 traders were liquidated with the largest liquidation order occurring at Bitmex-BTC valued at $6.73 million.

What is shorting a crypto asset?

Shorting a crypto asset in principle means the investor’s main objective is to sell the digital asset at a high price and buy it back at a lower price.

Unlike most investors who like to buy cheap and sell at a premium, short-sellers adapt the order of this mechanism by aiming to sell high and buy low. This process is permitted in the Crypto derivative market.

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