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Almost $250 Mln Worth of Bitcoin (BTC) Longs Liquidated on BitMEX

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Sun, 10/05/2020 - 8:43
Almost $250 Mln Worth of Bitcoin (BTC) Longs Liquidated on BitMEX
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According to Datamish, more than $247 mln worth of long positions has been liquidated on the BitMEX cryptocurrency exchange on May 10 in practically no time. 

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image by datamish.com/

This massive wipeout happened after the price of BTC tanked 15 percent in minutes.     
 
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Stairs up, elevator down

After printing seven back-to-back green candles on the weekly chart, Bitcoin was on track to extend its winning streak.

On May 7, the BTC price once again surpassed the $10,000 level on the news about billionaire investor Paul Tudor Jones 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. 

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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.

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Notably, Chicago-based CME Group 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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