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Bitcoin [BTC] short worth $84 million closed on Bitfinex; long/ short ratio stands around 60:40

Priya

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Bitcoin [BTC] short worth $84 million closed on Bitfinex; long/ short ratio stands around 60:40
Source: Unsplash

Bitcoin [BTC], the largest cryptocurrency by market cap, has been marking several milestones ever since the beginning of this year. The coin has shown significant recovery from its December 2018 bottom, rising by over $3000 since then. Notably, the largest cryptocurrency broke through the $6000 and $7000 marks in a matter of a week. To add, the coin has also been successful in maintaining its level around $7900 and $8100 for the past four days.

Amid this, a trader closed 10,500 BTC short position on Bitfinex, which was approximately $84 million, on 15th May 2019. Soon after this, Alistair Milne, a well-known Bitcoin proponent, took to Twitter to state that Bitcoin’s long/ short ratio currently stands around 60:40 ratio. He said,

Moixam, a Redditor said,

“I love it when the haters put their money where their mouth is, and then they get destroyed ✌️🤙”

According to CoinMarketCap, at press time, Bitcoin was trading at $7,879 with a market cap of $139 billion. The trading volume of the cryptocurrency was $33.43 billion and the coin witnessed a significant rise of over 29 percent in the past seven days. Notably, Bitcoin’s rally past the $8000 mark resulted in a major bullish sentiment in the market, with several influencers claiming that the bull was back in the market.



Tyler Winklevoss, the co-founder of Gemini, one of the leading cryptocurrency exchanges in the world, said,

“Bitcoin breaking 8k this time feels lot different than the last time. So much progress has been made since then and it’s only the bottom of the first inning! “

To this, CryptoCrackLord said on Twitter,

“I’m surprised at the growth at which #bitcoin and #crypto in general are experiencing. It’s far, far more than I expected. I expected slow upwards growth, maybe a big push by the end of the year. This explosion in price has been insane.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin surges by ~7% in under an hour; Has the rally finished correcting?

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Bitcoin surges by ~7% in under an hour; Has the rally finished correcting?
Source: Unsplash

Bitcoin’s price rally in a parabolic curve led most of the community to believe that this was the bull rally, however, the correction of this surge was due, which began on May 16.

The correction wave, as expected by many prominent traders was approximately 30-40%, which would put the price of Bitcoin $5,000 to $5,800. However, the correction seems to have finished as the price of Bitcoin surged by more than 7% in less than an hour.

Source: TradingView

The market cap of Bitcoin, at press time, was $136 billion and most the volume for Bitcoin was coming from BitMEX exchange via trading BTC/USD derivatives. BitMEX contributed a total of $3.38 billion in terms of trading volume, which is 12% of the total trading volume.



A Twitter user @DoveyWan suggested a head and shoulder pattern for Bitcoin:

CNBC suggested something similar, however, the pattern doesn’t seem to be holding. A Twitter user @thecryptomonk, tweeted:





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