0
📰 News
1059 views

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

  • Alex Dovbnya
    📰 News

    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 

Bitcoin Price Flash-Crashes, $63.4 Mln Worth of Longs Get Liquidated on BitMEX
Cover image via 123rf.com
Contents

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.

👉MUST READ

‘Bitcoin Is Proving Itself to Be a Hedge Against Global Risks’: Fundstrat’s Tom Lee

‘Bitcoin Is Proving Itself to Be a Hedge Against Global Risks’: Fundstrat’s Tom Lee

$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.

 BitMEX liquidations
image by reddit.com

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.  

 Bitcoin price chart (1H)
image by binance.com

👉MUST READ

Bitcoin Price Inches Closer to $12,000 as Donald Trump Ramps Up Attacks on China

Bitcoin Price Inches Closer to $12,000 as Donald Trump Ramps Up Attacks on China

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.

Subscribe to the official News.U.Today Telegram channel. Get news first!

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.

Recommended articles
0
📰 News
154 views

Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

  • Yuri Molchan
    📰 News

    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Bitcoin Price Likely to Decline to $7,800: Crypto Analyst
Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

👉MUST READ

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

The fastest way to get crypto news is to follow our Twitter. You won’t miss a thing! Subscribe.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

Recommended articles

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings