Chart of BTC’s selling price activity during the last several hours from TradingView.com
According to Skew.com, a crypto derivatives tracker, over $3 million worth of BTC positions on BitMEX had been liquidated during that maneuver. Almost all of the liquidations were sell side liquidations, saying a large number of traders had been short.
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At present-day, the majority of Bitcoin and Ethereum futures markets are actually printing negative funding fees. This corroborates the sentiment that lots of traders are presently short 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 soon after the stock market printed a definite top last week.
The U.S. dollar is additionally rallying.
In addition weak spot in the S&P 500 and strength in the U.S. dollar is likely to suppress Bitcoin, particularly as orange moreover tapers lower.