Wow. In the span of two minutes, Bitcoin (BTC) spiked $300 from the $9,920 to more or less above $10,200. The leading cryptocurrency proceeded to drop by $200 in the 5 minutes that followed this rally.
Chart of BTC’s price action over the past few hours from TradingView.com
Based on Skew.com, a crypto derivatives tracker, more than $3 million worth of BTC roles on BitMEX were liquidated during this specific action. Almost all of the liquidations were sell side liquidations, hinting a large number of traders had been quite short.
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At existing, most Bitcoin and Ethereum futures markets are actually printing bad funding rates. This corroborates the sentiment that numerous traders are at present 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 will come after the stock market printed a clear 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 likely to suppress Bitcoin, specifically as orange additionally tapers reduced.