Bitcoin Price Flash-Crashes, $63.4 Mln Worth of Longs Get Liquidated on BitMEX

Libra Coin News
Tue, 08/06/2019 - 13:11
Alex Dovbnya
The bears and the bulls get crushed by liquidations in a matter of hours with more than $100 mln liquidated on BitMEX on Aug. 6 
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The Bitcoin price plunged by almost $700 in a matter of minutes on Aug. 6 after surging above $12,000 for the first time in three weeks. This, in turn, triggered a string of liquidations on the BitMEX cryptocurrency exchange, a top destination for high-leverage margin trading.

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$100 mln worth of BTC getting liquidated 

Overall, more than $100 mln worth of longs and shorts got liquidated on the BitMEX cryptocurrency exchange over the last six hours, which is a surefire sign that Bitcoin whales are back in the game.

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The BTC price skyrocketed to the $12,200 level at around 8:00 UTC. That rapid surge, which liquidated $40 mln worth of shorts, was followed by a major market downturn.

At 12:00 UTC, a whopping $60 mln worth of BTC has been wiped out in no time.  

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Bitcoin at a crossroads

Despite the fact that the crypto market is gradually maturing, it is clear that deep-pocketed
whales are still a force to be reckoned with.

The latest drop crashed the hopes of those who expected long and sustained growth after a 33 percent correction.

At the time of writing, Bitcoin is holding a decent support at the $11,650 level.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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