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Bitcoin sheds more than $1,500 in less than 2 hours; Longs worth $207 million liquidated on BitMEX

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Bitcoin violently sheds more than $1,500 in less than 2 hours on multiple exchanges
Source: Pixabay

Bitcoin’s rally had everyone surprised but also pushed all the bulls out of the closet. The rally was a sharp parabolic rise and too good to be true, hence a lot of the traders waited for a healthy correction. Bitcoin dropped by more than $1,500 in less than 2 hours.

The correction phase, at the time of writing, was still underway and the prices have dipped as low as $6,192. The market cap of Bitcoin, as seen on CoinMarketCap was at $128 billion.

Source: TradingView

A Twitter @Bitfinex’ed, and a critique of Bitfinex, pointed out how the Bitfinex premium rose as the price of Bitcoin collapsed.

Bitcoin was recovering from the sudden dump, however, the extent of the dip in the price of Bitcoin varied on different exchanges. On Coinbase, the price dipped as low as $6,600, on Bitfinex, it dipped to $6,990. The drop was perhaps the most on Bitstamp exchange as it dipped at $6,178.

BTC Shorts

The shorts took control of Bitcoin, leading to a crash in the price. At press time, as seen from the charts, the shorts continued to gain more momentum, which could indicate the upcoming move in Bitcoin.

Source: TradingView

Moreover, the liquidation of longs due to this massive dip on BitMEX reached a total of 104 million contracts, which, in total, were worth $207 million.

Source: Datamish

The dip in the prices could be attributed to the New York Supreme Court’s order to freeze further transfers to Bitfinex from Tether. This decision by the court was due to the original injunction filed by NYAG being vague, over-board and not time limited. Moreover, the New York Supreme Court’s order was viewed by Bitfinex as a win which was expressed by the exchange in their recent blog, which stated:

“This order is a victory in the ongoing defence of our business against the New York Attorney General’s office.”

However, the court’s motion also acknowledged the petitioner’s concern i..e, the massive loan given to Bitfinex by Tether. The new motion granted by the NY supreme court judge stated:

“… the Court finds that Petitioner has made a sufficient showing to warrant a targeted preliminary injunction preventing Respondents from continuing to let dollars flow out of Tether’s reserves via the type of extraordinary transaction that triggered Petitioner’sconcern.”

Crypto Twitter started finding reasons for this dumps as a user @loomdart tweeted:





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