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$200 Mln Worth of Bitcoin Longs Liquidated on BitMEX After Massive BTC Price Crash

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  • Alex Dovbnya
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    The bulls have lost big during another market downturn, but they might experience even more pain the short-term

$200 Mln Worth of Bitcoin Longs Liquidated on BitMEX After Massive BTC Price Crash
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More than $200 mln worth of Bitcoin longs has been wiped out on the BitMEX cryptocurrency exchange on Oct. 10. As reported by U.Today, the top coin by market capitalization dropped by more than nine percent in mere minutes to its five-month low. 

Bitcoin Reddit
image by reddit.com

This is one of the largest liquidation sprees in 2019, which underscores how dramatic this price drop was.  

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The world's biggest casino

Cryptocurrency derivatives have been on the rise in 2019 given that they allow risk-chasing traders to "make it" in crypto long after Bitcoin's early days. As reported by U.Today, TokenAnalyst co-founder called it "the biggest casino ever."  

All it takes is to make one good trade, but it's easy to get hooked on impressive price gains and forget the word "liquidation."

According to a Twitter bot, which tracks BitMEX liquidations, there's been a couple of major "kills" over the last 24 hours. Some unlucky traders went as far as losing at least $100,000 (if they traded with 100x leverage).     
   

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More pain ahead

At the time of writing, the coin that started it all is changing hands at $7,480, according to CoinStats data, but cryptocurrency trader Josh Rager says that buyers might not be interested in this key support level as well. 

The prominent trader says that Bitcoin will start testing new short-term lows until it finally caves in to buying pressure.


At this point, a drop to $7,200 looks very likely, and the market sentiment has turned overwhelmingly bearish once again. Will Bitcoin touch this level in the short-term? Share your take in the comments!    

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry β€” from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Ripple's Partner Wants to Transform Gaming Industry with XRP

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    Forte reveals the benefits of using Ripple's XRP for creating digital economies

Ripple's Partner Wants to Transform Gaming Industry with XRP
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San Francisco-based company Forte, which formed a $100 mln fund in partnership with Ripple's investment arm Xpring back in March, keeps working on applying the blockchain technology in gaming.

Recently, Forte co-founder Brett Seyler explained the benefits of using XRP.  

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Blockchain-based gaming economies  

Forte is helmed by top-tier industry executives (including its founding CEO Kevin Chou) who are not focused on creating new powerful economies within the $140 bln gaming while making it more decentralized. 

There have been multiple attempts at creating a killer gaming dApp, but the technology is still way too cumbersome for the average Joe. Forte wants to address the adoption problem by making such games more approachable.       

β€œCreating game economies with multi-sided participation, open markets and increased transparency offer a potent solution to the challenge of the complexity plaguing game developers that result in stagnant economy design,” said Seyler.  

Blockchain is a perfect tool for creating peer-to-peer gaming economies since it could make in-game transactions easy, fast, and transparent.       

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The impact of XRP  

In order to make the magic happen, Forte utilizes the Interledger protocol (ILP) that was created by former Ripple CTO Stephan Thomas for establishing connections between multiple blockchains. 

On top of that, the startup also uses XRP for increasing the level of interoperability as well as security and liquidity.  

Since its inception, Xpring invested more than $500 mln in around 20 companies to streamline the adoption of XRP.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry β€” from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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