Chart of BTC’s price action over the past several hours from TradingView.com
Based on Skew.com, a crypto derivatives tracker, over $3 million worth of BTC roles on BitMEX had been liquidated throughout that action. Almost all of the liquidations were sell side liquidations, suggesting a large number of traders had been short.
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With present-day, most Ethereum and Bitcoin futures markets are printing bad funding fees. This corroborates the sentiment that a large number of traders are currently scant on the cryptocurrencies.
The S&P 500 and other stock indices crashed over 2.5 % during Tuesday’s trading session. This comes soon after the stock market printed a specific top previous week.
The U.S. dollar is additionally rallying.
In addition weakness in the S&P 500 and strength in the U.S. dollar is actually apt to suppress Bitcoin, specifically as gold also tapers reduced.