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The cryptocurrency market moved higher on Monday, with Bitcoin (BTC) and most major altcoins gaining more than 10% during the day.

In recent weeks, many crypto bears have been doubling down on their short positions predicting new lows, similar to when bullish investors take out long positions when the market is trading near all-time highs.

However, according to a recent post by BitmexRekt, an automated account that tracks major liquidation events on the leveraged crypto exchange BitMEX, one investor paid dearly for taking out a short position at the current levels. The post indicates that an ETH short position worth millions of dollars was liquidated after Ethereum (ETH) shot through $88.40 earlier today.

While a short of this size is undoubtedly created through a high leverage, it does indicate that the latest jump in price was at least partly driven by a short squeeze, as these traders were not anticipating a bullish start to the week.

Currently, the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, is up 11.6% over the last 24 hours. Ethereum, which makes up roughly 9.2% of the index, is up 10.6% on the day to $94.84.

Update: The value of the liquidated position was originally incorrect and has been adjusted.

More: BitMEX ETH Liquidation
Similar: BitMEX CEO Denies Exchange Trades Against Customers

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

Voyager

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