BitMEX Saw $100 Mln + Buy Liquidations on XBT/USD as BTC Surpassed $10,000: Skew Data

News
Tue, 06/02/2020 - 14:41
Yuri Molchan
Skew analytics provider shares data showing that on June 1, when the BTC price exceeded $10,000, XBT/USD buy liquidations worth more than $100 mln took place on BitMEX
Cover image via stock.adobe.com
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The Skew analytics company has shared some bullish news for BTC investors.

It says that on June 1, on the BitMEX exchange a massive amount of buy liquidations worth more than $100 mln took place.

$100 mln + of short XBT positions reversed

Skew has reported that after Bitcoin managed to get above the $10,000 level on June 1, a gargantuan amount of short positions was reversed on Bitmex, worth over $100 mln in total.

Image via Twitter, @skewdotcom

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Open Interest for Bitcoin Futures on OKEx Exceeds $1 Bln

In 2017 BTC took 17 days to surge from $10K to $20K

Top analyst and the creator of the stock-to-flow analysis, Plan B, has reminded the community that back in glorious 2017, the BTC price went to $16,600 from $10,000 in merely a week and from $10,000 to the ATH of $20,000 in a little more than two weeks.

Image via Twitter, @100trillionUSD

Replying to a comment from VanEck’s Gabor Gurbacs, who said that due to a bigger number of BTC holders any rally now could be more meaningful, he stated that a run-up to a new ATH may happen quickly enough.

The analyst added that the community must not be afraid of 5-digit BTC price moves in the future.

Jason Williams, a co-founder of Morgan Creek Digital, has posted a similar tweet about BTC taking just seventeen days to jump from $10,000 to $20,000 back in 2017.

The community seems bullish as more people are also tweeting that BTC may advance well beyond $10,000 soon.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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