Bitcoin prices fell from $8,000 to as low as $7,450 this morning — a downswing of more than 7%. According to data from Rekto, over the past hour, derivatives exchange BitMEX saw over $205 million worth of XBT Perpetual Swap contracts liquidated. That is to say, a large number of bitcoin levered positions have been automatically closed by BitMEX’s system. The low represents a new bottom over the past five months. The price has since settled slightly above $7,500 at the time of this writing.
BTC/USD Price, Source: TradingView
BitMEX Liquidations, Source: BitMEX
Bitcoin briefly drops below $7,500, touching five-month low written by Steven Zheng @ https://www.theblockcrypto.com/linked/44308/bitcoin-briefly-drops-below-7500-touching-five-month-low?utm_source=rss&utm_medium=rss October 23, 2019 Steven Zheng