bitcoin’s surge above the $6,000 level was sudden and shocked a lot of people as the price was a few hundred dollars short of hitting $7,000. This surge caused a lot of traders, novice, and veterans, to get liquidated on their shorts.
BitMEX Rekt, a Twitter bot that keeps track of all the liquidated orders was blowing up a few minutes after the 21:00 UTC on May 10, as the surge started at this point. The price at this point started at $6,200 and surged by a massive 11% in under 9 hours.
A Twitter user @Roy , “Don’t do leverage kids”
Source: Twitter | StartaleTV
BitMEX Liquidation
On BitMEX, 1 contract of XBT [bitcoin Perpetual Contract] is worth 1 USD; below are the tweets that outline liquidate positions.
Liquidated short on XBTUSD: Buy 4,699,287 @ 6897
~ BEYOND GODLIKE ~ Somebody Once Told Me The World Is Gonna Roll Me
— REKT (@BitmexRekt)
~ BEYOND GODLIKE ~ Somebody Once Told Me The World Is Gonna Roll MeLiquidated short on XBTUSD: Buy 1,073,628 @ 6851.5
— REKT (@BitmexRekt)
Liquidated short on XBTUSD: Buy 2,114,327 @ 6845.5
— REKT (@BitmexRekt)
Liquidated short on XBTUSD: Buy 2,114,327 @ 6845.5
— REKT (@BitmexRekt)
Needless to say, the tweets were a few examples of the havoc that bitcoin’s sudden price surge wreaked upon the short sellers. The chart attached below shows how the shorts were mutilated by the longs.
Source: TradingView
Moreover, at press time, the price of bitcoin took a short breather as it started its ascent again. The price was $6,480 and the market cap was $120 billion. bitcoin dominance reached 59% and was rising steadily.
bitcoin’s joy ride above the $6,400 has stirred altcoins to do the same as Ethereum, the second largest cryptocurrency, pumped by 10%, causing its price to reach $191. XRP pumped by 4% and led the price to hit $0.31. Litecoin is perhaps the only one to have taken full advantage of this rally as it was up by 14% in 24 hours and the price of LTC was $87; standing tall as the fifth largest cryptocurrency. bitcoin Cash was up by 13% in 24 hours and was priced at $325.
Source: TradingView
Altcoins seemed to be doing well due to the bitcoin rally, however, bitcoin shorts were brutally mutilated by the longs. The rally for bitcoin looks like it will start again, and it would be spectacular and surprising if it crosses the $7,000-level.
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Published at Sun, 12 May 2019 05:33:47 +0000
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