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 lower by $200 in the five minutes which followed the rally.
Chart of BTC’s selling price activity over the past several hours from TradingView.com
Based on Skew.com, a crypto derivatives tracker, more than $3 million worth of BTC roles on BitMEX ended up being liquidated throughout this specific action. A lot of the liquidations were sell side liquidations, implying that a lot of traders had been short.
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At current, most Ethereum and Bitcoin futures markets are actually printing negative funding prices. This corroborates the sentiment that lots of traders are presently 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 comes soon after the stock market printed a specific top previous week.
The U.S. dollar is also rallying.
Further weak spot in the S&P 500 and muscular strength in the U.S. dollar is actually likely to suppress Bitcoin, specifically as gold moreover tapers cheaper.