Over $800 million in Bitcoin shorts have been liquidated as the price has risen by 12% in 24 hours

The price of bitcoin has continued to fluctuate dramatically over the last 24 hours. As the crypto market gains traction, the price of the currency has increased by more than 10%. The action comes on the heels of reports that Amazon is planning to integrate bitcoin payments into its platform. This appears to have been seized by the market and ran with it.

As the weekend drew to a close, Bitcoin, which had remained relatively stable at $34,000 over the weekend, began to show signs of movement. A number of reasons appear to have led to the price increase. News ranging from Musk confirming his ownership of bitcoin, as well as his firms Tesla and SpaceX, appeared to be a stimulus for it. Then there was the Amazon.

Elon Musk, the billionaire, appeared on The B Word conference alongside Cathie Wood, the CEO of Ark Invest, and Twitter CEO Jack Dorsey to discuss the digital asset. Musk stated that SpaceX and Tesla did actually have bitcoin on their financial sheets throughout this discussion.

The price of the digital asset ultimately broke $32,000 after this statement, and has been gently trending upwards since then.

Shorts are now suffering large losses as bears race to liquidate their short bets on exchanges as the price of the digital asset surges to $39,000 in just a few hours.

In just a few hours after the price spike began, Binance alone recorded the liquidation of almost $100 million in shorts. On Binance, the price of a digital asset had risen to $48,000.

The majority of the liquidations took place within the course of 12 hours. As the market continues to rage, the single highest liquidation occurred on Huobi-BTC, which saw a $29.3 million position liquidated.

Following bitcoin, Ethereum and Monero have seen the most positions liquidated on the market in the last 24 hours. Dogecoin liquidations are catching up to Monero.

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