Chart of BTC’s selling price activity during the last several hours from TradingView.com
Based on Skew.com, a crypto derivatives tracker, over $3 million worth of BTC positions on BitMEX ended up being liquidated throughout this specific maneuver. A lot of the liquidations had been sell side liquidations, saying a large number of traders had been quite short.
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At current, many Ethereum and Bitcoin futures markets are printing bad funding fees. This corroborates the sentiment that numerous traders are currently light 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 after the stock market printed a clear top previous week.
The U.S. dollar is also rallying.
In addition weakness in the S&P 500 and toughness in the U.S. dollar is apt to suppress Bitcoin, especially as orange additionally tapers cheaper.