Bitcoin Just Surged $300 in Two Minutes, Liquidating Millions
Chart of BTC’s value action over the past several hours from TradingView.com
Based on Skew.com, a crypto derivatives tracker, in excess of three dolars million worth of BTC roles on BitMEX were liquidated throughout that move. Most of the liquidations had been sell side liquidations, suggesting that many traders had been quite short.
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At current, the majority of Bitcoin and Ethereum futures markets are actually printing poor funding rates. This corroborates the sentiment that a large number of traders are currently scant on the cryptocurrencies.
The S&P 500 as well as other stock indices crashed more than 2.5 % during Tuesday’s trading session. This will come soon after the stock market printed a specific best previous week.
The U.S. dollar is also rallying.
Further weak point in the S&P 500 and muscular strength in the U.S. dollar is likely to suppress Bitcoin, especially as yellow also tapers reduced.