Market Wrap: Traders ‘Whack the Beehive’ as Bitcoin Surges Then Plunges
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Bitcoin trading on Coinbase since May 31Source: TradingView Bitcoin’s sudden rise, then fall, was at least in part driven by liquidations on Seychelles-based derivatives exchange BitMEX. Over the past 24 hours, buy liquidations on BitMEX jumped during bitcoin’s price rise, then sell liquidations surged as the world’s oldest cryptocurrency dipped.
However, he told CoinDesk, the recent bitcoin price moves still have futures in “contango’” a market condition considered bullish as futures are traded higher than spot prices. Ether trading on Coinbase since May 31Source: TradingView Cryptocurrency winners on the day include stellar (XLM) climbing 6.9%, decred (DCR) up 6.2% and bitcoin cash (BCH) in the green 3%.
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