$62 Million Gone Overnight as JPMorgan Enters the Crypto Business
Bitcoin shorts face a $62M loss Amid the market's twists, JPMorgan preps a new digital payment token.
Over $24 million in Bitcoin shorts got wiped out recently, affecting thousands of traders.
Recent data from CoinGlass shows that Bitcoin short liquidations led to 26,390 traders losing a huge $62 million. Bitmex, a major crypto exchange, saw the biggest single liquidation - a $5.15 million Bitcoin position. In total, $32 million worth of Bitcoin positions, both short and long, were cleared.
In simple terms, traders who short expect Bitcoin's price to drop. They sell it now, hoping to buy it cheaper later. On the other hand, those who go long buy Bitcoin expecting its price to rise.
Amid these shifts, JPMorgan, America's biggest bank, announced they're working on a blockchain digital token for international payments. They're almost ready, but need permission from U.S. officials. This token will be like a transferable digital promise from the bank.
