The short position of Ethereum traders (ETHs) of $ 7.5 million sees liquidation on BitMEX

Monday was a big day on the floor of the cryptocurrency exchange market for both traders and investors in the major cryptocurrencies, with many crypts rebounding in value, contrary to the bear market in the past.

But for a particular trader, it was a terrible day when his short position was liquidated, thanks to an etereum that exceeded the price of $ 88.40.

The cryptocurrency market raised the level on Monday with Bitcoin, earning more than 10% during the day.

Even the main increases, after weeks of slow and bearish market that caused widespread discomfort among traders and current and trendy investors, have also recorded an increase in market value and price, as a result of bitcoin price gains .

These improvements are coming on the heels of speculation and forecasts in the market that closes the year on a low note.

Many cryptocurrency traders have doubled their short positions, counting on the downward trend and following the predictions that there may be new lows for the year. The situation is similar to when optimistic investors take long positions when the market is trading well.

Unfortunately, an Ethereum investor on Bitmex saw its short position lead to a loss of $ 7.5 million due to gains. This data was reported through MitmexRekt, the automated Bitmex account that tracks the main settlement events,

No traders saw this bullish start for the new week, but market analysts said that the jump in the price of coins is largely caused by a short squeeze, as a smaller size than the market is undoubtedly created by a high leverage.

At present, the AltDex 100 Index (ALT100), a benchmark index for cryptocurrencies and large tokens, trades at 11.6%, an increase in level in the last 24 hours. Ethereum, which represents approximately 9.2% of the index, increased by 10.6% on the day to $ 94.84.

This is a significant event for the market that has not shown a serious improvement since the beginning of the year, with major cryptocurrencies falling in price and in value.

It is expected that some projections of experts that some of the best digital resources could end at the end of the year could be true. If this were to happen, it could potentially end the sluggish market outlook from the second (second quarter) of the year.