In brief

  • The price of a single Bitcoin is currently $20,756.
  • Bulls rejoice!
  • Bears are missing out. And just lost big today.

The price of Bitcoin broke $20,000 this morning, in a sudden spike that sent its market cap past $380 billion for the first time ever.

Naturally, Bitcoin believers are excited.

Bears, though, are probably less so. According to data on the crypto trading platform Bybt, over $450 million in Bitcoin short positions has been liquidated over the past 12 hours.

And beyond Bitcoin, over $520 million of all cryptocurrency was liquidated across the broad range of exchanges trawled by the site (these include Binance, Bitmex, OKEx, and FTX).

Nearly 50,000 traders were affected, and while the biggest losers were Bitcoin shorters, around $31 million of Ethereum and $22 million XRP was also liquidated.

The global crypto market cap has risen by 6% today, and almost every major coin is up.