Chart of BTC’s value activity during the last few hours from TradingView.com
According to Skew.com, a crypto derivatives tracker, more than $3 million worth of BTC roles on BitMEX ended up being liquidated during this specific move. Most of the liquidations were sell side liquidations, implying that a lot of traders were quite short.
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With present-day, most Bitcoin and Ethereum futures markets are printing bad funding prices. This corroborates the sentiment that lots of traders are at present scant on the cryptocurrencies.
The S&P 500 as well as other stock indices crashed over 2.5 % during Tuesday’s trading period. This will come soon after the stock market printed a clear top previous week.
The U.S. dollar is additionally rallying.
Further weakness in the S&P 500 and toughness in the U.S. dollar is apt to suppress Bitcoin, especially as orange also tapers cheaper.