Market Wrap: Short Seller Liquidations Help Push Bitcoin Beyond $9,500
Large price movements in the bitcoin spot market can often be attributed to the crypto derivatives markets. BitMEX bitcoin liquidations the past weekSource: Skew
The influence of BitMEX on the markets has been controversial as the exchange’s $700 million in liquidations during March’s precipitous price drop was considered a huge factor in downward selling pressure at the time.
Open bitcoin interest in USD terms on BitMEX the past six monthsSource: Skew
Along with short squeezes, it’s obvious more people looking to buy bitcoin are helping the price appreciation, according to Rupert Douglas, head of institutional sales for cryptocurrency asset manager Koine. Ether trading on Coinbase since May 26Source: TradingView
Cryptocurrency winners on the day include cardano (ADA) bouncing a healthy 14%, qtum (QTUM) climbing 2.8% and neo (NEO) in the green 2.4%.
