Tuesday, November 30, 2021

$150 million in longs liquidated on Bitmex as BTC falls below $10,000

The Takeaway:

After the Bitcoin dived below $10,000 mark $150 million in longs were liquidated on the leading derivative trading platform Bitmax. Bitcoin dropped to $9,600 before making a recovery to $9,800 today.

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Recent fall in the price of Bitcoin triggered worth $150 million longs liquidation on Bitmex. Bitcoin dropped as low as $9600 before making a minor recovery to $9,800. This recent drop caused $150 million in longs being liquidated on the leading derivatives trading platform Bitmex. 

Josh Olszewicz tweeted to his 120 thousand followers about the liquidation on the trading platform. Bitcoin’s dive below $10,000 may have caused the investors to lose faith in the cryptocurrency’s recovery.  

Many analysts are describing the current trend as bearish. Earlier some analysts predicted that BTC might go low as $8000-$7000 this month. However, BTC has shown a minor recovery after touching $9,600. At the time of writing, BTC is trading at $9,874.86. Just a few days before the liquidation, BitMex Ceo Arthur Hayes predicted that BTC would touch $20,000 mark soon.

According to the data available on Datamish.com, 102.4 millions of longs were liquidated on the BitMax, and during the same time frame, 105,000 shorts were liquidated on the platform. Let us know in comments how do you think coming weeks would be like for bitcoin?

$150 million in longs liquidated on Bitmex as BTC falls below $10,000

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Thomas Allums
Thomas Allums
Although Thomas is an experienced writer, he is also a passionate musician who loves to travel often. He is based in New York and loves to spread the word about decentralization throughout his neighborhood.

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