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 drop by $200 in the five minutes which followed the 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 were liquidated throughout that action. Most of the liquidations were sell side liquidations, suggesting a large number of traders were quite short.
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With existing, many Bitcoin and Ethereum futures markets are actually printing poor funding fees. This corroborates the sentiment that many 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 comes soon after the stock market printed a definite best previous week.
The U.S. dollar is also rallying.
Additionally weak spot in the S&P 500 and strength in the U.S. dollar is likely to reduce Bitcoin, especially as gold also tapers lower.