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

Nick Chong by Nick Chong
3 years ago
in Bitcoin
Reading Time: 2 mins read
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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.

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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

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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

Featured Image from Shutterstock
Tags: bitcoinBitMEXprice
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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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