The Bitcoin exchange rate fell below $ 9,200, causing a massive liquidation of futures
Over the past 24 hours, the price of bitcoin has lost $ 400 amid a downturn in the stock market and an increase in sales by miners.
In the first half of June 24, the MTC was trading in the region of $ 9,650, but in less than a day its rate fell to $ 9,070, even briefly reaching $ 8,992. As a result of the collapse, traders began to massively eliminate long positions in futures contracts. On BitMEX crypto derivatives exchange alone, total sales reached $ 55 million.
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According to analysts, the decline is due to several factors, the main of which is pressure from the stock market. In recent months, experts have noted an increase in the level of correlation between Bitcoin and traditional assets. For example, the indicator of the dependence of the dynamics of the MTC exchange rate on the S & P500 index rose to almost 40%.
Another reason for the price reduction is the influx of cryptocurrency to exchanges from miners who began to actively sell their stocks after the next adjustment for complexity. The peak of transfers occurred on June 24, when only Bitfinex from prospectors received 2650 BTC. In the short term, this put pressure on the market and caused an increase in volatility.
Nevertheless, many traders are optimistic, as options on Bitcoin for a record amount of $ 1 billion expire on June 26, and most of the contracts are in the range of $ 10-11 thousand.This factor should stimulate the growth of the rate above $ 9900. However, bitcoin whales can also join the game, the number of which is gradually growing and reached a record level last week.
At the time of publication, the MTC is trading at a price of $ 9,218, having lost 3.67% over the past day.
, depositphotos, chart: Skew