1 year ago
The 2nd astir important abbreviated of the twelvemonth has assisted successful sending Bitcoin to $17k. Amid the turmoil successful the crypto markets owed to the uncertain aboriginal up for the FTX exchange, prices crossed the committee tanked connected Nov. 8. Capitilizating connected the situation; abbreviated positions were opened up astatine a measurement not seen since the Terra Luna illness successful May.
Source: GlassnodeThe mean backing complaint (in %) acceptable by exchanges for perpetual futures contracts is presently negative. When the complaint is positive, agelong positions periodically wage abbreviated positions. Conversely, erstwhile the complaint is negative, abbreviated positions periodically wage agelong positions. While the backing complaint is adjacent to the level seen successful May, it has spiked beneath the neutral line. However, the complaint is obscurity adjacent the antagonistic backing complaint recorded during the COVID-19 clang of March 2020.
Source: GlassnodeEach clip BTC makes a capitulation low, traders volition often abbreviated aggressively. These positions typically people a caller bottommost successful the abbreviated term. A akin concern happened during the COVID-19 crash, the miner prohibition successful china successful 2021, the Terra Luna collapse, and present the imaginable nonaccomplishment of FTX.
There has been $861 cardinal successful crypto liquidations implicit the past 24 hours, with $250 cardinal made up of Bitcoin shorts, according to information analyzed from Coinglass. Bitcoin is presently down 15% implicit the past 48 hours, trading astatine $17,453 arsenic of property time.
The station Large abbreviated positions propulsion Bitcoin toward $17k amid $861M successful crypto liquidations appeared archetypal connected CryptoSlate.
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