Chart of BTC’s value activity during the last several hours from TradingView.com
According to Skew.com, a crypto derivatives tracker, more than $3 million worth of BTC roles on BitMEX were liquidated during this maneuver. A lot of the liquidations were sell side liquidations, hinting that a lot of traders were short.
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With present-day, many Bitcoin and Ethereum futures markets are actually printing negative funding prices. This corroborates the sentiment that numerous traders are at present light on the cryptocurrencies.
The S&P 500 along with other stock indices crashed more than 2.5 % during Tuesday’s trading session. This comes after the stock market printed a specific top last week.
The U.S. dollar is also rallying.
In addition weak spot in the S&P 500 and strength in the U.S. dollar is actually likely to reduce Bitcoin, specifically as gold moreover tapers cheaper.