Sudden volatility in bitcoin ($BTC) caused both longs and short futures to be impacted as $175 million worth of positions were liquidated and $1 billion in open interest was effectively wiped out in the past 24 hours. By shauryamalwa.
Jenny will discuss developing crypto-linked investment products in a bear market, the mood among her clients and her lon...Sudden volatility in bitcoin caused traders of both longs and short futures to be impacted as $175 million worth of positions was liquidated and $1 billion in open interest was effectively wiped out in the past 24 hours.
Large liquidations can signal the local top or bottom of a steep price move, which may allow traders to position themselves accordingly. The largest single liquidation order happened on BitMEX, a bitcoin/tether trade valued at $6 million. Rumors of bitcoin sales from the U.S. government and beleaguered crypto exchange Mt.Gox may have further impacted prices, as prices fell to as low as $27,200. However, such data alerts were later confirmed to be misclassified by the on-chain firm Arkham Intelligence, which initially sent out the alerts.caused the market panic as they were sent to a “small subset” of users much after bitcoin’s move.
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