BitMEX Liquidates $400 Million in 2 Days as Bitcoin Experience Double Digit Losses

Bitcoin

  • Crypto market cap drops by $45 billion in a week
  • BitMEX liquidates $128.5 million in BTC long contracts

Since hitting a yearly high of $366 billion in market capitalization in mid-July this year, the total crypto cap has dwindled to lows last witnessed in April, as a bloodbath ensues. The total crypto cap dropped below $200 billion for the first time in eight months as Bitcoin and Ether led the bearish movement.

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The top two cryptocurrencies have each seen prices plummet by double digits with Bitcoin (BTC) and Ethereum (ETH) recording 10.19% and 12.30% losses against the dollar in the past 24 hours.

Source: Coinmarketcap

Crypto market cap drops by $45 billion in a week

Despite recording the highest closing volume in the past week, the crypto market cap has seen a seven day consecutive drop in value to stand at the current value of $195.77 bn USD. Over $45 billion USD is lost in market value in the past week painting a terrifying future for bitcoin and crypto perma bulls in the short term.

Source: Coinmarketcap

Bitcoin led the major drop in value as it traded below $7,000 USD for a short period before climbing to $7,100, as at time of writing. A number of factors are said to have caused the rapid fall in BTC’s price, including PBoC calling for tighter restrictions to crypto trading, a death cross forming on the technical charts and an overall lack of interest from both institutional and retail buyers.

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Ethereum, the second-largest blockchain in market capitalization has not performed any better in the past 24 hours as bears took control of the market to push the price below $150 USD. The coin currently trades at $149.94, registering a total market cap of $16.3 billion USD.

The sharp fall in the crypto market cap is a factor of the massive dip in BTC’s price that saw close to $130 million USD in XBT long contract liquidated.

BitMEX liquidates $128.5 million in BTC long contracts

It’s always a fun time on exchanges during the wild volatile swings such as the drop to $6,957 at around 1300 hrs on Nov.22 as BitMEX’s XBT longs saw massive liquidation. According to data on Datamish, $66.7 million XBT long contracts were liquidated on the exchange following the massive dip in price with a total of $128.5 million XBT longs liquidated on Nov. 22 so far.

Over $65 million longs liquidated in an hour on BitMEX (Source: Datamish)

A total of $142 million XBT contracts liquidated in the past 24 hours on the exchange as trading volume across the market improves.

"Lujan Odera : @https://twitter.com/lujanodera/ Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.."
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