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Bitcoin Craters to $9,300, Liqudating $120 Million in BitMEX Longs

Avatar Nick Chong 1 month ago

It seems that Bitcoin’s plunge has accelerated since our last price update posted just minutes ago. We wrote our last update when the cryptocurrency was trading at $9,900 after sustaining a 2% drop in a few minutes’ time.

Now the cryptocurrency is trading for $9,600, falling as low as $9,300 just minutes ago as of the time of writing this. This marks a nearly 10% drop from the daily high of $10,300.

Bitcoin Crash Liquidates Over $100 Million in Positions

According to data from Skew.com, a leading cryptocurrency data provider for derivatives, over $120 million worth of BitMEX long positions were liquidated in this massive flash crash lower.

More positions are being liquidated as I write this, with the price of Bitcoin continuing to whipsaw between $9,400 and $9,700, with volatility going through the roof.

The cryptocurrency has yet to establish any support or resistance, with this move being too recent for a short-term range to have been formed.

SmartContracter, the cryptocurrency trader that called Bitcoin’s bottom in 2018 at $3,150 months in advance (and nearly down to the dollar), remarked that Litecoin (and thus the rest of the market) is likely to retrace even lower in the coming days. He posted the below chart to back this sentiment, showing that LTC is currently on track to fall.

Featured Image from Shutterstock
Nick Chong

Since 2013, Nick has shown interest in Bitcoin and cryptocurrencies. He has since become involved in the industry as a full-time content creator, working for NewsBTC, Bitcoinist, LongHash, among other outlets. Aside from covering...

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