Chart of BTC’s price activity over the past several hours from TradingView.com
Based on Skew.com, a crypto derivatives tracker, in excess of three dolars million worth of BTC positions on BitMEX ended up being liquidated during that action. Most of the liquidations were sell-side liquidations, recommending that a lot of traders were short.
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At present-day, many Ethereum and Bitcoin futures markets are printing bad funding rates. This corroborates the sentiment that a large number of 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 period. This comes soon after the stock market printed a clear best previous week.
The U.S. dollar is also rallying.
Further weakness in the S&P 500 and muscular strength in the U.S. dollar is apt to reduce Bitcoin, specifically as yellow also tapers reduced.