Chart of BTC’s price action over the past several hours from TradingView.com
According to Skew.com, a crypto derivatives tracker, over three dolars million worth of BTC roles on BitMEX were liquidated during this specific move. Most of the liquidations had been sell side liquidations, suggesting that many traders were short.
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With current, many Ethereum and Bitcoin futures markets are printing negative funding fees. This corroborates the sentiment that numerous traders are currently scant on the cryptocurrencies.
The S&P 500 and other stock indices crashed over 2.5 % during Tuesday’s trading period. This comes soon after the stock market printed a definite best last week.
The U.S. dollar is additionally rallying.
Further weak point in the S&P 500 and strength in the U.S. dollar is actually likely to suppress Bitcoin, specifically as yellow also tapers reduced.