RATE Group | Over $190M in Bitcoin Liquidated on BitMEX Amid Crypto Market Sell-Off
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Over $190M in Bitcoin Liquidated on BitMEX Amid Crypto Market Sell-Off

27 Feb Over $190M in Bitcoin Liquidated on BitMEX Amid Crypto Market Sell-Off

Posted at 04:32h in Bitcoin News by

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The cryptocurrency markets were shaken yesterday amid a flurry of selling that saw more than $190 million worth of longs and shorts liquidated on well-known derivatives exchange BitMEX.

According to data analytics provider Skew, around $6.1 million buy and $190 million sell liquidations occurred, bringing it to a total of around $196 million worth of bitcoin (BTC) long and short positions.

Beginning at around 14:00 UTC on Feb. 26, the price of BTC began to fall below $9,000. An hour later BitMEX saw its largest amount of liquidations since the new year began, rising well above $100 million.

The move in the derivatives market comes during a sell-off in crypto’s spot market that saw BTC’s price fall more than 6 percent to a low of $8,675, CoinDesk BPI data shows.

Amid global coronavirus tensions, traditional markets are also in turmoil with major indices such as the S&P500 and Dow Jones Industrial down more than 7 percent on the week.

BTC’s latest price action continues to throw cold…

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