Bitcoin has been increasing in price over the past 2 days. Analysts believe this present uptrend will usher bitcoin into a massive bull run that will eventually see bitcoin in the $11k zone. However, BTC took a U-turn to start a drastic price fall within the last hour and has now fallen deep into a bearish movement. Elsewhere, on BitMEX, margin traders keep getting rekt on the derivative exchange as it recorded about $80 million worth of BTC long liquidation within the last few hours.
Bitcoin Suddenly Crashes Below $10.5k Again
In a second time within the week, BTC is seen crashing below the $10.5k region again. Early on into the day, the top cryptocurrency was believed to have a revival spirit ahead of the recently announces the opening of Bakkt custody BTC futures as the price moved aggressively towards the $11k point. However, no much progress was seen in bitcoin as it fell drastically to lose about $600 in about an hour. At the moment, the bearish signal remains very strong as BTC keeps falling down the rail.
At the time of writing this piece, the price of bitcoin was swinging around $10,480 in a brutal bearish resumption while alts maintained their previous bullish movements.
A Bear Market Despite Bakkt Announcement
Many would have thought the news of Bakkt that came in today would have instigated a massive bull run but on the contrary, we are seeing a reverse of the situation. This bear markets might have been initiated as a result of a few factors including the transfer of more than $1 billion worth of bitcoin earlier today.
Also, FED chair, according to Yahoo Finance, made a very bearish comment on bitcoin recently while speaking in Switzerland. According to him,
Highlight: “We are following the whole question of digital currencies,” says Fed Chair Jerome Powell. “It’s not something that we are actively considering. For us, it raises significant issues that we would want to see resolved.”https://t.co/xpAujlCWBd pic.twitter.com/n5M5XDU5AZ
— Yahoo Finance (@YahooFinance) September 6, 2019
BitMEX Liquidates $80 Milion Within Few Hours
Margin trading on BitMEX keeps proving destructive to many traders on BitMEX recently. Within the past few hours, more than $80 million worth of BTC long were liquidated on the derivative exchange.
As the Bitcoin bear frenzy is currently taking over trading activities, a massive long liquidation was also seen to have been executed on BitMEX. Within the last 6 hours, up to $80 million worth of long position contracts has been liquidated on the derivative exchange platform as total figures soar high to over $100 million within the last 2 to 3 days.
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Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com