Back

Bitcoin (BTC) Drops to $9,262 on BitMEX as $25M in Longs Liquidated in Two Waves

News
Wed, 06/24/2020 - 14:33
Vladislav Sopov
The Bitcoin (BTC) market has experienced two waves of massive long liquidations on BitMEX Bitcoin (BTC) derivatives exchanges. Will it continue to free-fall?
Bitcoin (BTC) Drops to $9,262 on BitMEX as $25M in Longs Liquidated in Two Waves
Cover image via stock.adobe.com
Contents

The Bitcoin (BTC) price has been pushed to $9,262 by two waves of massive long liquidations on the world-leading Bitcoin (BTC) derivatives trading platform BitMEX.

Two black spots for Bitcoin (BTC) price

According to trading statistics, the Bitcoin (BTC) price plummeted today from $9,668 to $9,262. The first liquidation occurred between 08:15 AM and 09:00 AM (UTC), while the second one took place in one ten-minute candle at 11:30 AM.

Bitcoin (BTC) price plunged 4.5% in three hours
Image by Twitter

This plunge was followed by two liquidations of long positions on the BitMEX derivatives exchange. In the first wave, $6.5M in longs were liquidated while $18.6M were liquidated in the second one.

At press time, the Bitcoin (BTC) price has recovered slightly from its morning drop. It is changing hands at $9,370 on major spot exchanges.

Traders and analysts have already pointed out the levels that are crucial for Bitcoin (BTC) bulls to hold. Mostly, they aren't treating this move as a sign of bearish control over the price of the flagship cryptocurrency.

Bitcoin (BTC) price managed to stay above crucial levels of support

Various traders believe that it hasn't left the lower border of the channel it has remained in since the end of its 'Bart Simpson' fake rally above $10,000. Anonymous trader Jack Sparrow identified $9,138 as the crucial level for Bitcoin (BTC) bulls.

It is this level where Bitcoin (BTC) started its ugliest free-fall on Black Thursday. So, until it leaves this range, the Bitcoin (BTC) price direction is still under the control of bulls.

Seasoned trader and analyst Scott Melker supposes that $9,260 is much more crucial to hold. If it can, the price of the flagship cryptocurrency may return to above $9,500 very soon.

The next support level is located at the 50-day moving average near $9,552. Holding above this level would mean another rally.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

Grayscale Assets Under Management Surge $300,000,000 in One Day. What Does This Mean?

News
Fri, 10/23/2020 - 09:24
Vladislav Sopov
Grayscale, undisputed giant of institutional crypto investments, is celebrating another monstrous milestone, adding a nine-digit sum to AUM in 24 hours
Grayscale Assets Under Management Surge $300,000,000 in One Day. What Does This Mean?
Cover image via stock.adobe.com
Contents

Grayscale is an investment company that provides the clients with an exposure to digital currency markets eliminating the need to buy tokens. The firm does it by selling shares of 'trusts' related to certain digital assets. The recently started FOMO has already brought Grayscale's 'asset under management' (AUM) values to previously unseen levels.

Grayscale assets are on steroids

In its most recent report shared in a tweet, Grayscale Investments stated that its net AUM now surpasses $7,300,000,000. Mostly, this upsurge should be attributed to the spikes of Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) prices.

Grayscale adds $300M to its AUM in 24 hours
Image by Twitter

Its founder, CEO of Digital Currency Group Barry Silbert, unveiled that Grayscale’s holdings added a whopping amount of value in the last 24 hours.

Added a cool $300 million in AUM in one day

In terms of separate ‘trusts’, the most impressive increase is associated with Litecoin (LTC). Its value added almost 10% bringing its total to over $34 mln. 

Bitcoin (BTC) allocation surged above $6 bln with a 5% increase. Notorious Grayscale Ethereum Trust (ETHE) added 6% and now is valued at $942 mln.

PayPal assists Grayscale

By contrast, Stellar Lumens (XLM) and Bitcoin Cash (BCH) trusts witnessed mediocre increases of 2-3%. The only integral product of Grayscale, Large Cap Trust that unites the most valuable coins under its umbrella, therefore, added less than 4%.

The numbers of Grayscale Investments positions rocketed due to the rapid spike of crypto prices associated with PayPal’s decision to add major digital assets to its instrument toolkit.

As covered by U.Today previously, PayPal announced that Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) will be added as payment methods by the end of this year.

  

Following this surprising news, Bitcoin (BTC) revisited its multi-months high over $13,000. At press time, its price has slightly retraced and flirts with the $12,800 level.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)