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 5 minutes that followed the rally.
Chart of BTC’s value activity over the past few hours from TradingView.com
According to Skew.com, a crypto derivatives tracker, more than three dolars million worth of BTC roles on BitMEX ended up being liquidated during that maneuver. Most of the liquidations were sell-side liquidations, saying that a lot of traders were quite short.
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With existing, many Ethereum and Bitcoin futures markets are actually printing bad funding rates. This corroborates the sentiment that numerous traders are presently light on the cryptocurrencies.
The S&P 500 and other stock indices crashed over 2.5 % during Tuesday’s trading session. This comes after the stock market printed a clear best last week.
The U.S. dollar is also rallying.
Additionally weak spot in the S&P 500 and strength in the U.S. dollar is actually likely to reduce Bitcoin, especially as gold also tapers reduced.