$120 million liquidated as Bitcoin loses $1,000 in value
Bitcoin’s price suffered the largest daily loss in three months as the daily candle registered a high of $10,300 and a low of $9,312 (Bitstamp pricing). This has come after Bitcoin had been trending to the upside for over two-months; creating higher highs and higher lows.
[caption id="attachment_13811" align="aligncenter" width="1024"]
Source: Coin360[/caption]
This move came less than 24 hours after the Tether Treasury minted 60,000,000 USDT on the Ethereum blockchain. As a result, many speculated that this was a manipulated move by Tether, who has stirred up rumours and conspiracies for a very long time now.
[caption id="attachment_13812" align="aligncenter" width="1024"]
Source: Skew.com[/caption]
The sudden drop that took place in less than an hour has caused approximately $120 million worth of longs to be liquidated on BitMEX. As a consequence, the open interest lost the $1 billion mark after having sustained it for a few weeks.
[caption id="attachment_13813" align="aligncenter" width="1024"]
Source: Skew.com[/caption]
This unfortunate news came right after the golden cross; 50MA crossing over 200MA on the daily timeframe, was starting to be circulated amongst cryptocurrency traders and investors. The latter is known across markets to be a bullish sign. In fact, the last time this took place in late-April 2019, Bitcoin's price rallied by over 150% in a few short months.
[caption id="attachment_13816" align="aligncenter" width="2880"]
Source: TradingView[/caption]
Image Licensed via Pixabay
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