$200 million worth of BitMEX monetization after Bitcoin price plunge
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Answer $200 million worth of BitMEX monetization after Bitcoin price plunge
More than $200 million worth of bitcoin transactions were monetized on the cryptocurrency exchange BitMEX on October 10.
$200 million is one of the biggest numbers of 2019, which underscores the massive drop in the price of Bitcoin.
The trading of cryptocurrency derivatives has increased significantly in 2019, which made many platforms adopt this option and provide it to their users, which is what Binance recently did by offering a leverage of up to 125x.
As leveraged trading all it takes is one successful exchange, but it is easy to say that and touch on the impressive gains and forget about the fatal loss.
According to a Twitter bot that tracks BitMEX filtering, there have been a few major “kills and liquidations” over the past 24 hours.
Read:Why should you follow the movement of Bitcoin closely this week?
Some of the unlucky and unlucky traders on BitMEX lost as little as $100,000 (traded with 100x leverage).
Eliminated from buying on XBTUSD: 10,000,000 sold at 7692.5 🏅🏆💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯 💯💯💯💯💯💯 💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯 💯💯💯💯💯💯 hard ~ WHY BE ON Alive if you aren’t even trying to do something cool?
– REKT (BXRekt) October 23, 2019
At the time of writing this topic, the price of Bitcoin, which started to move and its price recently changed, is currently at the level of $7483.
According to trader Josh Rager, buyers are not interested in the key support level.
And that Bitcoin could start testing new lows in the short term if the currency does not succumb to buying pressure.
If buyers are not interested in $7,800 Bitcoin, they probably aren’t interested in $7,500 price
Likely to decline with support confluence at $7,200 and lower
Even after the natural bounce is there, it comes down to where the big/aggressive buyers care
Take it on a level
– Josh Rager 📈 (@Josh_Rager) October 23, 2019
Read:China reveals its new assessment of blockchain networks for early 2020, and EOS leads
In this period, a drop to $7,200 looks very likely.
Market sentiment has turned dramatically bearish once again.
Will Bitcoin touch this level in the short term?
You can follow the Arab Bitcoin technical analysis group on Telegram to stay informed of Bitcoin movements:
Technical Analysis Channel
Read also:
Learn about BitMEX daily earnings from leveraged trading fees
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