Bitcoin falls below $ 9200, triggering massive liquidation of futures


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Bitcoin falls below $ 9200, triggering massive liquidation of futures

Over the past 24 hours, the price of bitcoin has lost $ 400 against the backdrop of a downturn in the stock market and an increase in sales from miners.

In the first half of the day, June 24, BTC traded around $ 9650, but in less than a day its rate fell to $ 9070, even briefly reaching $ 8992. As a result of the collapse, traders began to massively liquidate long positions in futures contracts. On the BitMEX crypto derivatives exchange alone, total sales reach $ 55 million.

According to analysts, the decline was caused by several factors at once, the main one being 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 index&P500 has grown to nearly 40%.

Bitcoin falls below $ 9200, triggering massive liquidation of futures

Another reason for the price decline is the influx of cryptocurrency to exchanges from miners, who began to actively sell off their reserves after the next difficulty adjustment. Transfers peaked on June 24, when 2,650 BTC were received from miners on Bitfinex alone. In the short term, this put pressure on the market and caused an increase in volatility..

However, many traders are optimistic as the record $ 1 billion bitcoin options expire on June 26, and most contracts are in the range of $ 10-11 thousand. This factor should stimulate the growth of the rate above $ 9900. However, bitcoin whales may also join the game, the number of which is gradually increasing and reached a record level last week..

At the time of publication of the PTS traded at $ 9218, having lost 3.67% over the last 24 hours.

text: Ivan Malichenko, photo: depositphotos, graphic: Skew

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