RATE Group | Bitcoin Price Drop Nets Bitfinex ‘Whale’ $10 Million in 5 Minutes
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Bitcoin Price Drop Nets Bitfinex ‘Whale’ $10 Million in 5 Minutes

16 Feb Bitcoin Price Drop Nets Bitfinex ‘Whale’ $10 Million in 5 Minutes

Posted at 08:47h in Bitcoin News by

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Late Saturday night on Feb. 15, Bitcoin (BTC) price briefly reclaimed the $10K mark after a tumultuous day of trading that saw the price drop 5.35% to $9,853. The possibility of a downside break was enhanced by Bitcoin’s failure to hold above $10,330 and for the past 4 days $10,450 to $10,500 served as a stiff zone of resistance. 

According to data from Skew Analytics, the swift 5.35% drop resulted in $90 million worth of liquidated leveraged positions at BitMex. 

BitMEX XBTUSD Liquidations. Source: Skew.com

Bitfinex whale recovers $10M in 5 minutes

In the immediate aftermath of Bitcoin’s sharp price correction crypto-Twitter began to speculate that Bitcoin whales were at play. Some traders pointed to a well-known Bitcoin whale called Joe007 as one of the players partially responsible for Saturday’s correction.

Bitfinex CTO Paolo Ardoino posted the following image from the Bitfinex leaderboard and tweeted,

“How to recover 10M in 5 minutes@J0E007.”

BTC USD daily chart. Source:…

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