An overnight pump by Bitcoin has left the bear’s shorts in tatters. $1.13 billion in cryptocurrency short positions has been liquidated according to data on the Bybt futures exchange. 

Three months of downwards and sideways action left most people convinced that this really was the beginning of the bear market for Bitcoin and cryptocurrencies. However, Bitcoin has just leapt up out of its slumber and has caught the bears by surprise. 

The Bitcoin price began moving as soon as the weekly candle had finished. It quickly surged to $39,800 before moving back to hover around $38,000 at time of writing. 

The Bybt futures exchange data records that more than 103,000 traders were liquidated over the last 24 hours, and that the largest single loss happened on Huobi-BTC with a $29.3 million liquidation. 

The explosion in the crypto market may possibly have been ignited by the rumour that Amazon will begin to accept cryptocurrencies as payment in the near future. An article on Business Insider reported that the marketplace giant was looking to hire a leader who could: 

“develop Amazon’s Digital Currency and Blockchain strategy and product roadmap,” 

Bitcoin appeared to be beginning to reverse the downward trend when the price broke out of a three month long descending triangle on Saturday. This particular chart pattern is bearish, so a break to the upside resulted in a very bullish move. 

The rest of the cryptocurrency market followed suit. The total crypto market cap increased to $1.57 billion, which is a 7.5% increase over the previous day. Nearly all cryptocurrencies are currently recording a sharp rise against the dollar. 

In the past week, Ethereum has leapt from a local low of $1,700 to a high so far today of $2,385, a 40% gain. Over the same period, Polygon (Matic) has recorded a gain of more than 80%, reaching the price of $1.12. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.