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 price action during the last several hours from TradingView.com
According to Skew.com, a crypto derivatives tracker, in excess of $3 million worth of BTC roles on BitMEX were liquidated during this maneuver. Most of the liquidations were sell side liquidations, suggesting a large number of traders had been quite short.
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At existing, many Bitcoin and Ethereum futures markets are printing negative funding rates. This corroborates the sentiment that a large number of traders are presently short on the cryptocurrencies.
Bitcoin May Be Falling Due to the Stock Market Bitcoin‘s inability to carry the low 1dolar1 10,000s cost region seems to be related to weak point in the stock market.
The S&P 500 and other stock indices crashed over 2.5 % during Tuesday’s trading session. This will come after the stock market printed a clear best previous week.
The U.S. dollar is also rallying.
Additionally weakness in the S&P 500 and strength in the U.S. dollar is actually likely to suppress Bitcoin, particularly as gold also tapers cheaper.
