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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Pumps by $800 in 20 Minutes: $150 Million in BitMEX Shorts Liquidated

Nick Chong
Nick Chong
1 year ago
1 min read

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Created by industry experts and meticulously reviewed
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Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Wow. In the past 30 minutes, Bitcoin (BTC) bulls have absolutely made their presence known. Within a ten-minute time frame, the leading cryptocurrency surged from $7,700 to $8,500 — representing a nearly 10% gain.

Altcoins followed suit, also surging by double digits as bulls finally managed to make a stand against the bears, who had brought Bitcoin from $8,000 to $7,400 just days earlier.

Related Reading: Bitcoin Price Indicators: Worse Has Yet to Come, Move Under $7,000 Likely

Bitcoin Pump Wipes Out BitMEX Traders

As normal, this bout of volatility — which came unexpected — caught many traders aback. According to cryptocurrency analytics provider Skew.com, this surge higher, which majorly took place within a ten-minute span of time, saw just under $150 million worth of BitMEX short positions liquidated.

This is smaller than the $200-odd million worth of BitMEX longs liquidated during this week’s 10% aforementioned drop from $8,000 to $7,200.

What’s Next?

The move just happened minutes ago, so analysts are still grappling with the implications for Bitcoin.

But according to GalaxyBTC, “this might be bullish.”

Not an expert but this might be bullish. pic.twitter.com/C8eeYlwuCh

— Galaxy (@galaxyBTC) October 25, 2019

There has also been renewed discussion of an infamous prediction made by a user on an anonymous forum, in which he/she/they claimed that December 15th, 2018 was the ultimate bottom, that Bitcoin would reach $5,300 in April, $9,200 in July, and $16,000 in October. The latter has yet to come true, while the former facets of predictions did.

If we keep going like this we're going to make it 🚀 pic.twitter.com/n4zyCkatKs

— Crypto฿ull (@CryptoBull) October 25, 2019

Featured Image from Shutterstock
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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
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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

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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