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

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Wed, 06/24/2020 - 14:33
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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
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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.

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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.)

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

News
Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
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While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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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.)