Wow. In the span of two minutes, Bitcoin (BTC) spiked $300 from the $9,920 to somewhat above $10,200. The leading cryptocurrency proceeded to drop by $200 in the five minutes which followed this rally.
Chart of BTC’s value activity during the last 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 had been liquidated throughout that move. Most of the liquidations were sell-side liquidations, hinting that a lot of traders were short.
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At existing, the majority of Bitcoin and Ethereum futures markets are printing bad funding prices. This corroborates the sentiment that lots of traders are at present light on the cryptocurrencies.
The S&P 500 and other stock indices crashed over 2.5 % during Tuesday’s trading period. This comes soon after the stock market printed a definite top last week.
The U.S. dollar is also rallying.
In addition weakness in the S&P 500 and muscular strength in the U.S. dollar is apt to suppress Bitcoin, especially as gold also tapers cheaper.