Bitcoin Bears Get 'Rekt' As Shorts Suffer $74M Liquidation: Analyst Says 'You've Got To Pump It'

Bitcoin BTC/USD bears are getting wrecked as the apex crypto continues to hold the $18,000 crucial level, according to a cryptocurrency analyst.

What Happened: The price of Bitcoin broke $18,000 late evening on Wednesday, in a sudden spike that sent its market cap past $350 billion.

And beyond Bitcoin, over $238 million of all cryptocurrency was liquidated across a broad range of exchanges including Binance, Bitmex and OKEx.

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According to data from CoinGlass, over $74 million BTC has been shorted in the past 24 hours. Ethereum ETH/USD saw the most liquidation, over $111 million on Wednesday.

It seems that shorts have been ‘rekt’ (meaning wrecked), according to crypto trader Jason A. Williams. Interestingly, in the past hour, BTC is not among the top eight coins such as Cardano ADA/USD, Flow Token FLOW/USD, Dogecoin DOGE/USD among others that are suffering major liquidations.

In the past 24 hours, 40,724 traders were liquidated. The global crypto market cap has risen by 4% today to $889.98 billion and almost every major coin is up.

Price Action: BTC was trading at $18,223  up 4.64%. ETH at $1,398, up 5.11% in the last 24 hours, according to Benzinga Pro.

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