Skip to content

Liquidations for $ 230 million in Bitmex affect both bulls and bears

June 3, 2020

The recent volatility in the Bitcoin markets (BTC) has faced several exchanges large liquidations of nearly $ 223 million Within 24 hours on BitMEX, the market for crypto exchanges and main derivatives, which is evenly distributed across BitMEX BTC short and long positions.

At the time of this article’s publication just over $ 111.5 million, or 50.04% of the total It was traded in long positions, while cryptometer short positions accounted for $ 111.3 million, or 49.96% of the total liquidated positions.

Altcoins liquidations increased their total $ 230 million.

BitMEX long and short positions

Liquidations for $ 230 million in Bitmex affect both bulls and bearsLiquidations for $ 230 million in Bitmex affect both bulls and bears

Short positions were initially affected as BTC rose more than 8.78% in just four hours, In particular, it rose in the early morning hours of June 2 from $ 9,560 to new highs just below $ 10,400.

However, breaking the five numbers would show be short-lived because after 14 hours of close consolidation, almost $ 10,200, The price fell sharply of about 10% in less than four minutes as a result The price dropped to $ 9,150.

BTC / USDT on the Binance Daily Chart. Source: TradingView

A strong consolidation of the range has been observed in the past ten hours between $ 9,400 and $ 9,550, and it has Many traders are waiting eagerly What will Bitcoin’s next position be?

Breakdown in exchange

The sudden drop in prices is causing unforeseen failures on major exchanges, and users reported BitMEX overloads as prices went up $ 8,600 on the platform.

The main US stock exchange site, Coinbase, fell completely as prices rose over $ 10,000, and Twitter user @cryptorecruitr gives it I ask:: How does a $ 8 billion exchange crash every time the price of Bitcoin rises by 5%? I would really like to know. “

‘AndySpqr’ added:: “Cryptocurrency prices are rising, and @Coinbase again displays error messages for people trying to access funds. I recommend if you have any doubts that they will withdraw their money from this exchange when they can enter. It’s a complete shit show. “

Altcoin’s liquidations were pretty high

Even though Both sides of the bitcoin market suffered severely Amid yesterday’s volatility, the long positions Ether (ETH) and Ripple (XRP) accounted for almost 88% of the 24-hour closeout of the respective market on BitMEX.

Approximately ETH upward positions of $ 3.65 million were removed during $ 1.74 million XRP was charged over night.

More than 99% Bitcoin Cash (BCH), Litecoin (LTC) and Eos (EOS) in BitMEX have also been long in the last 24 hours.