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Contents
<ul class="article__contents-list"><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h240">Stairs up, elevator down</a></li><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h362">Open interest plunges across the board</a></li></ul>
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According to Datamish, more than <a rel="nofollow" target="_blank" href="https://datamish.com/">$247 mln worth of long positions</a> has been liquidated on the BitMEX cryptocurrency exchange on May 10 in practically no time.
image by <a rel="nofollow" target="_blank" href="https://datamish.com/">datamish.com/</a>
This massive wipeout happened after the price of BTC tanked 15 percent in minutes.
<a rel="nofollow" target="_blank" href="#">card</a>
Stairs up, elevator down
After printing seven back-to-back green candles on the weekly chart, Bitcoin was on track to extend its <a rel="nofollow" target="_blank" href="#">winning streak</a>.
On May 7, the BTC price once again surpassed the $10,000 level on the news about billionaire investor <a rel="nofollow" target="_blank" href="#">Paul Tudor Jones</a> getting into the crypto game.
However, it didn’t stop Bitcoin from taking a major nosedive three days later. At 0:12 UTC, it started plunging at breakneck speed, taking a $1,500 haircut in a matter of minutes.
At press time, BTC is trading at $8,729 as the bulls and bears continue to play tug-of-war.
<a href="https://u.today/almost-700-mln-bitcoin-btc-positions-liquidated-on-bitmex">card</a>
Open interest plunges across the board
In the meantime, popular crypto trader Hsaka noted that open interest, the total number of outstanding derivative contracts, nose-dived across major cryptocurrency exchanges, with Binance taking the biggest hit.
<blockquote class="twitter-tweet">
OI wiped across the board, with Binance getting absolutely nuked.<a rel="nofollow" target="_blank" href="https://twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw">$BTC</a> <a rel="nofollow" target="_blank" href="https://t.co/nxb50bH9Fw">pic.twitter.com/nxb50bH9Fw</a>
— Hsaka (@HsakaTrades) <a rel="nofollow" target="_blank" href="https://twitter.com/HsakaTrades/status/1259328097771380737?ref_src=twsrc%5Etfw">May 10, 2020</a></blockquote>
Notably, Chicago-based <a href="https://u.today/cme-groups-bitcoin-btc-futures-record-massive-volumes-this-year-whats-behind-this-growth">CME Group</a> recorded its highest open interest to date (nearly $500 mln) on Friday, which coincided with Jones announcing his Bitcoin bet just one day earlier.
Considering that BTC CME futures closed at $10,030 on May 8, the bulls can hope that the $1,200 gap will be filled in the nearest future.
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Drupal\cryptocompare\TwigExtension\RemoveSpace->formatbody(Array) (Line: 54)
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Twig\Template->render(Array, Array) (Line: 40)
Twig\TemplateWrapper->render(Array) (Line: 53)
twig_render_template('themes/cryptod/templates/field--body.html.twig', Array) (Line: 372)
Drupal\Core\Theme\ThemeManager->render('field', Array) (Line: 436)
Drupal\Core\Render\Renderer->doRender(Array, ) (Line: 204)
Drupal\Core\Render\Renderer->render(Array) (Line: 474)
Drupal\Core\Template\TwigExtension->escapeFilter(Object, Array, 'html', NULL, 1) (Line: 1002)
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Twig\TemplateWrapper->render(Array) (Line: 53)
twig_render_template('themes/cryptod/templates/node.html.twig', Array) (Line: 372)
Drupal\Core\Theme\ThemeManager->render('node', Array) (Line: 436)
Drupal\Core\Render\Renderer->doRender(Array, ) (Line: 204)
Drupal\Core\Render\Renderer->render(Array, ) (Line: 238)
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Contents
<ul class="article__contents-list"><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h240">Stairs up, elevator down</a></li><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h362">Open interest plunges across the board</a></li></ul>
Advertisement
According to Datamish, more than <a rel="nofollow" target="_blank" href="https://datamish.com/">$247 mln worth of long positions</a> has been liquidated on the BitMEX cryptocurrency exchange on May 10 in practically no time.
image by <a rel="nofollow" target="_blank" href="https://datamish.com/">datamish.com/</a>
This massive wipeout happened after the price of BTC tanked 15 percent in minutes.
<a rel="nofollow" target="_blank" href="#">card</a>
Stairs up, elevator down
After printing seven back-to-back green candles on the weekly chart, Bitcoin was on track to extend its <a rel="nofollow" target="_blank" href="#">winning streak</a>.
On May 7, the BTC price once again surpassed the $10,000 level on the news about billionaire investor <a rel="nofollow" target="_blank" href="#">Paul Tudor Jones</a> getting into the crypto game.
However, it didn’t stop Bitcoin from taking a major nosedive three days later. At 0:12 UTC, it started plunging at breakneck speed, taking a $1,500 haircut in a matter of minutes.
At press time, BTC is trading at $8,729 as the bulls and bears continue to play tug-of-war.
<a href="https://u.today/almost-700-mln-bitcoin-btc-positions-liquidated-on-bitmex">card</a>
Open interest plunges across the board
In the meantime, popular crypto trader Hsaka noted that open interest, the total number of outstanding derivative contracts, nose-dived across major cryptocurrency exchanges, with Binance taking the biggest hit.
<blockquote class="twitter-tweet">
OI wiped across the board, with Binance getting absolutely nuked.<a rel="nofollow" target="_blank" href="https://twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw">$BTC</a> <a rel="nofollow" target="_blank" href="https://t.co/nxb50bH9Fw">pic.twitter.com/nxb50bH9Fw</a>
— Hsaka (@HsakaTrades) <a rel="nofollow" target="_blank" href="https://twitter.com/HsakaTrades/status/1259328097771380737?ref_src=twsrc%5Etfw">May 10, 2020</a></blockquote>
Notably, Chicago-based <a href="https://u.today/cme-groups-bitcoin-btc-futures-record-massive-volumes-this-year-whats-behind-this-growth">CME Group</a> recorded its highest open interest to date (nearly $500 mln) on Friday, which coincided with Jones announcing his Bitcoin bet just one day earlier.
Considering that BTC CME futures closed at $10,030 on May 8, the bulls can hope that the $1,200 gap will be filled in the nearest future.
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Twig\Template->displayWithErrorHandling(Array, Array) (Line: 367)
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Twig\Template->render(Array, Array) (Line: 40)
Twig\TemplateWrapper->render(Array) (Line: 53)
twig_render_template('themes/cryptod/templates/field--body.html.twig', Array) (Line: 372)
Drupal\Core\Theme\ThemeManager->render('field', Array) (Line: 436)
Drupal\Core\Render\Renderer->doRender(Array, ) (Line: 204)
Drupal\Core\Render\Renderer->render(Array) (Line: 474)
Drupal\Core\Template\TwigExtension->escapeFilter(Object, Array, 'html', NULL, 1) (Line: 1002)
__TwigTemplate_625426e732c5f7a66fde6d628d98a6b2->doDisplay(Array, Array) (Line: 394)
Twig\Template->displayWithErrorHandling(Array, Array) (Line: 367)
Twig\Template->display(Array) (Line: 62)
__TwigTemplate_e934e56c1e459c359b150360c7169113->doDisplay(Array, Array) (Line: 394)
Twig\Template->displayWithErrorHandling(Array, Array) (Line: 367)
Twig\Template->display(Array) (Line: 379)
Twig\Template->render(Array, Array) (Line: 40)
Twig\TemplateWrapper->render(Array) (Line: 53)
twig_render_template('themes/cryptod/templates/node.html.twig', Array) (Line: 372)
Drupal\Core\Theme\ThemeManager->render('node', Array) (Line: 436)
Drupal\Core\Render\Renderer->doRender(Array, ) (Line: 204)
Drupal\Core\Render\Renderer->render(Array, ) (Line: 238)
Drupal\Core\Render\MainContent\HtmlRenderer->Drupal\Core\Render\MainContent\{closure}() (Line: 583)
Drupal\Core\Render\Renderer->executeInRenderContext(Object, Object) (Line: 239)
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call_user_func(Array, Object, 'kernel.view', Object) (Line: 111)
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Godfrey Benjamin
Arman Shirinyan
Gamza Khanzadaev
