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 drop by $200 in the five minutes that followed this rally.
Chart of BTC’s selling price activity in the last several hours from TradingView.com
According to Skew.com, a crypto derivatives tracker, more than $3 million worth of BTC positions on BitMEX ended up being liquidated during that action. Most of the liquidations had been sell-side liquidations, implying that many traders had been short.
Fourteen BTC & 95,000 Free Spins for each professional, perfect in mBitcasino’s Exotic Crypto Paradise! Have fun Now!
At present-day, most Ethereum and Bitcoin futures markets are printing negative funding prices. This corroborates the sentiment that lots of traders are at present short on the cryptocurrencies.
The S&P 500 as well as other stock indices crashed over 2.5 % during Tuesday’s trading period. This will come after the stock market printed a clear best last week.
The U.S. dollar is also rallying.
Additionally weak point in the S&P 500 and toughness in the U.S. dollar is actually likely to suppress Bitcoin, particularly as gold additionally tapers cheaper.