Wow. In the span of two minutes, Bitcoin (BTC) spiked $300 from the $9,920 to more or less above $10,200. The leading cryptocurrency proceeded to lower by $200 in the 5 minutes which followed this rally.
Chart of BTC’s selling price action in the last few hours from TradingView.com
Based on Skew.com, a crypto derivatives tracker, over $3 million worth of BTC positions on BitMEX ended up being liquidated throughout this specific move. Most of the liquidations had been sell side liquidations, recommending that many traders were quite short.
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At present-day, the majority of Ethereum and Bitcoin futures markets are printing bad funding rates. This corroborates the sentiment that lots of traders are currently light on the cryptocurrencies.
The S&P 500 and other stock indices crashed more than 2.5 % during Tuesday’s trading session. This comes soon after the stock market printed a specific top previous week.
The U.S. dollar is additionally rallying.
Additionally weak point in the S&P 500 and muscular strength in the U.S. dollar is actually apt to suppress Bitcoin, specifically as orange also tapers reduced.