RATE Group | Price of Bitcoin Drops After $150 Million Liquidated on BitMEX
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Price of Bitcoin Drops After $150 Million Liquidated on BitMEX

27 Feb Price of Bitcoin Drops After $150 Million Liquidated on BitMEX

Posted at 09:59h in Cryptocurrency News by

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Today the cryptocurrency market saw a huge drop in the price of Bitcoin (BTC). 

According to the data analytics provider Skew on Feb. 26, over $150 million worth of Bitcoin was liquidated on the trading exchange BitMEX, the most seen since the new year began. Millions of dollars of long and short positions caused the value of the cryptocurrency to fall to $8,580, a decrease of more than 6%.

Though the price of Bitcoin slightly rebounded to $8,813, this may be a difficult recovery for the cryptocurrency. The market value dropped nearly $300 in an hour on Feb. 16, bringing BTC well under $10,000.

Traders are already preparing for the possibility the cryptocurrency value may fall below $8,000. This could affect the impression of Bitcoin before the next halving event, scheduled for the week of May 18th. 

However, some observers are more optimistic. Tom Lee, a…

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