Wow. In the span of 2 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 activity during the last several hours from TradingView.com
Based on Skew.com, a crypto derivatives tracker, in excess of $3 million worth of BTC roles on BitMEX had been liquidated during this specific move. Most of the liquidations had been sell side liquidations, implying a large number of traders had been quite short.
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With current, the majority of Ethereum and Bitcoin futures markets are printing bad funding prices. This corroborates the sentiment that numerous traders are presently short on the cryptocurrencies.
The S&P 500 along with other stock indices crashed more than 2.5 % during Tuesday’s trading period. This will come soon after the stock market printed a specific top last week.
The U.S. dollar is additionally rallying.
Further weak spot in the S&P 500 and strength in the U.S. dollar is actually apt to suppress Bitcoin, specifically as gold additionally tapers reduced.