RATE Group | Bitcoin Price Spikes Above $7.1K, Liquidating $23M on BitMEX
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Bitcoin Price Spikes Above $7.1K, Liquidating $23M on BitMEX

17 Apr Bitcoin Price Spikes Above $7.1K, Liquidating $23M on BitMEX

Posted at 12:19h in Cryptocurrency News by

Bitcoin’s price jumped close to $500 early on Thursday, triggering liquidations worth millions on crypto derivatives exchange BitMEX.

The top cryptocurrency by market value picked up a bid around $6,650 and rose to a high of $7,145 in the 90 minutes to 08:30 UTC, according to CoinDesk’s Bitcoin Price Index.

The sudden move forced liquidations of futures worth $23 million on BiMEX, of which $10 million happened in the 60 minutes to 08:00 UTC and the remainder in the following 30 minutes, according to data provided by the crypto derivatives research firm Skew.

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BitMEX hourly liquidations. (Source: Skew)

Total liquidation volume seen over that timeframe was significantly higher than the three-day hourly liquidation average of $1.6 million.

Sell liquidations occur when
the market moves against long positions and breaches a predetermined limit,
forcing BitMEX’s liquidation engine to liquidate (or sell) long positions.
Meanwhile, buy liquidations occur when prices move against short…

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