Above $190M Bitcoin Liquidated on BitMEX Amid Crypto Market Convert
February 28, 2020 1:44 pm
On Feb. 26, the crypto markets were thrilled among a twist of sale of more than $190M worth of longs and shorts cashed on popular derivatives exchange BitMEX.
Per data analytics provider Skew, nearby $6.1M buys and $190M sell liquidations happened, making it a total of around $196 M worth of bitcoin (BTC) long and short forms. An hour later BitMEX observed its highest amount of liquidations because of the new year, climbing well over $100M.
The movement in the derivatives market befalls as a sell-off in crypto’s market that realised BTC’s price drop more than 6% to a low of $8,675. Between global coronavirus anxieties, traditional markets are also in confusion with important records so as the S&P500 moreover Dow Jones Industrial falling deeper than 7% on the week.
Bitcoin’s value movement proceeds to throw cold water on the assumption that cryptocurrencies can act as safe-haven assets throughout times of change around stocks and bonds with some of the highest levels of secondary volume ever observed.
“Bitcoin has been uncorrelated to other asset classes. If stocks drop, this does not mean bitcoin has to pump. If gold prices climb, this does not mean bitcoin will rise with it every time,”
-Coinist research analyst Luke Martin wrote in a tweet.
Also, options volumes on OKEx, different popular crypto derivatives trade, noticed the biggest uptick of notional volume in its records, beyond the $15 million dots.
The notional amount is the cost of the underlying asset in the derivatives business. It can be the complete cost of a position, how much worth a position commands, or an agreed-upon result in a commitment. If there is a huge volume of notional quantity on a descending value, that usually indicates the inclination as a legitimately bearish one.
As failure to finish higher would expect the outcome in more profound losses in the upcoming weeks, dealers now need to gaze to the 200-day rising-rate near $8,773.