BitMEX Exchange Sees $41 Million Liquidated to Make Bitcoin Price Drop $100 via Margin Trading
According to the Reddit user Coinsmash1, this liquidation moved Bitcoin’s price $100 down, equal to 2.5% of its price in just a few minutes. Moreover, bitcoin lost more than $1.5 billion market capitalization during the same period of time.
As per the Reddit user, $41 million went margin long. Taking the average leverage of 20x, that could have cost a trader $2 million or between 500 and 600 BTC. Users can see the data regarding shorts and longs on Coinrivet.com.
Now, bitcoin is being traded around $3,804 and it has a market capitalization of $66.82 billion. Every single digital asset among the top 10 is currently falling with the exception of EOS and Binance Coin (BNB). They are growing by 0.94% and 2.76%, respectively.
Bitcoin has been traded above $4,100 during February 24, but on February 25 the price dropped under $4,000 once again. Bitcoin is in a bear trend since the end of 2017 when it reached its all-time high. Until December 2018, Bitcoin lost more than 82% of its value.