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Bitcoin Maintains Price Above $11,000 Forcing Bears To Liquidate Over $50 Million Worth

July 2, 2021
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Bitcoin Maintains Price Above $11,000 Forcing Bears To Liquidate Over $50 Million Worth
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The Bitcoin pump has largely been traced to a recent announcement by the Square payments app. Led by Jack Dorsey, Square announced that it purchased 4,709 BTC at an average price of $10,600 per Bitcoin. Square splashed $50 million on the purchase, which represents 1% of the payment firm’s total assets as of the second quarter of 2020.

Quite a few Bitcoin bears apparently believed that the market’s enthusiastic response to Square’s news will not last long. However, as this didn’t happen, Bybt data shows that traders have liquidated $50.56 million worth of Bitcoin shorts today, within an hour.

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BTC and ETH Suffer Further Price Drops Following $110M Liquidation

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