The winner of the recent struggle between bulls and bears is. It was in the last few days literally in the air, and now it’s come to that. The Bitcoin exchange rate has again fallen back below the important psychological barrier of US $ 10,000. Learn everything about the backgrounds and causes of the BTC slump.
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Bitcoin exchange rate collapse triggers a massive Liquidation
At the time of writing of this article, the Bitcoin exchange rate at the time of 9.614 US Dollar, after he had to cope with a break-in of 5.34% in the last 24 hours.According to Skew Markets, a crypto-market-analysis service, has led to this slump in prices to a massive liquidation event. In consequence of the rapid depreciation in the value of the falling Bitcoin exchange rate have been liquidated Long positions in the amount of 150 million US dollars.
$144m in longs wiped. $XBT $BTC @skew_markets pic.twitter.com/Go7DULP8Ki— Trajan (@trajanmex) August 28, 2019
This event indicates that a variety of Crypto-traders have established their Long positions with Levers that were lost due to the rapid and large Bitcoin exchange rate collapse mercilessly.
$150 million worth of Longs just got Liquidated at BitMEX#bitcoin pic.twitter.com/RweaP9KoS3— Boxmining (@boxmining) August 28, 2019
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What caused the Bitcoin exchange rate collapse?
According to an analysis of The Crypto Monk of this selloff can be attributed to a suspicious trade. He wrote that the ominous $ 120 million BitMEX-Buy Wall appeared on Wednesday morning, probably a way for a big seller was, “to keep the price at Discharge”.
A few hours ago, there was a $120M buy wall on Bitmex.
Obviously someone trying to unload some corn. ??
Don’t get caught with your pants down.— The Crypto Monk ⛩ (@thecryptomonk) August 28, 2019
Thus, he refers to the 120 million Dollar Buy Wall, which was discovered by several crypto-analysts, from Wednesday night to Thursday early in the morning on the trading platform BitMEX.This massive buy order for Bitcoin was used in 10.150 US Dollar and then later again at 10.120 US Dollar, to drive the Bitcoin price gradually to the top. Purchase orders of this magnitude are rare and if they are kept in a large single Orderbook, they are referred to as Buy Walls.Most people interpret those Buy Walls as a bullishes Signal. In fact, it is often a psychological Trick to sell bigger positions without, in the case of the Bitcoin price collapses to solid.If you want to know, how it is expected to go with the Bitcoin exchange rate, then the next Bitcoin price analysis just wait on crypto Monday!
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