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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Plunge Through $9,600 Liquidates $144 Million in BitMEX Longs

Nick Chong
Nick Chong
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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The victors of the latest tussle between bulls and bears have been decided. In the past hour, the Bitcoin (BTC) price has plunged, with the cryptocurrency losing key support at $10,000 and $9,800 within a few minutes’ time.

Related Reading: The Mysterious $120 Million Bitcoin Buy Wall And What it Could Mean

As of the time of writing this piece, BTC is trading at just a smidgen under $9,700, having lost 4% in the past 24 hours.

According to data from Skew Markets, a crypto market analytics service, this collapse has resulted in a massive liquidation event. In fact, the 4% collapse in the Bitcoin price wiped out $150 million worth of long positions on the platform. Shorts have been mostly unaffected by this move, as Bitcoin has yet to bounce.

This massive event implies that a majority of crypto traders were leaning long on higher leverages, and thus lost their shirts when Bitcoin shed hundreds in mere minutes.

$150 million worth of Longs just got Liquidated at BitMEX#bitcoin pic.twitter.com/RweaP9KoS3

— Boxmining (@boxmining) August 28, 2019

Due to the fact that this move occurred under one hour ago, the crypto analysts on Twitter are still struggling to pick up the pieces.

Importantly, Bitcoin’s move to $9,600 might have violated a call made by Murad Mahmudov of Adaptive Capital. As NewsBTC reported previously, the prominent analyst wrote on Twitter that Bitcoin is most likely to test $9,750 — the 0.618 Fibonacci Retracement of this whole cycle — in the following month in a bout of sideways price action, then “continue steadily upwards” to around $20,000 by year’s end.

If Bitcoin manages to bounce from here, Mahmudov’s prediction may not be validated, however.

What Dumped Bitcoin?

According to analysis from The Crypto Monk, this sell-off may stem from a suspicious trade that occurred a number of hours ago. He wrote that the suspicious $120 million BitMEX buy wall that appeared on Wednesday morning was likely a way for a large seller to “sustain the price while unloading.”

A few hours ago, there was a $120M buy wall on Bitmex.
Obviously someone trying to unload some corn. 📉🌽
Don't get caught with your pants down.

— The Crypto Monk (@thecryptomonk) August 28, 2019

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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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Ad discliamer

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