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 that followed this rally.
Chart of BTC’s value action during the last few hours from TradingView.com
According to Skew.com, a crypto derivatives tracker, over $3 million worth of BTC roles on BitMEX had been liquidated during that maneuver. The majority of the liquidations had been sell side liquidations, implying a large number of traders had been short.
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With present-day, most Bitcoin and Ethereum futures markets are printing poor funding prices. This corroborates the sentiment that lots of traders are currently light 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 soon after the stock market printed a definite best last week.
The U.S. dollar is also rallying.
Further weak spot in the S&P 500 and toughness in the U.S. dollar is actually apt to suppress Bitcoin, specifically as gold also tapers lower.