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Over $10 Million Liquidated as Bitcoin Surges 5% Higher Ahead of Weekly Close

After plunging on Sunday morning, Bitcoin has mounted a strong comeback over the past two hours that has seen it reverse the earlier losses.

In the past 30 minutes, the cryptocurrency has rallied from $9,540 to a high of $9,800 a 2.7% move. And since the daily lows of $9,370, the asset is up just shy of 5%.
The rally to $9,800 comes just hours ahead of the close of BTC’s weekly chart candle.

Data shows that over the past four hours, more than $15 million worth of positions on BitMEX alone has been liquidated.