TL; DR failure:
- More than $ 465 million in Bitcoin position has been disrupted as BTC retouched $ 50,000.
- As analyst Will Clemente predicted, the rise of bitcoin follows a sharp drop in all foreign exchange reserves.
In less than 24 hours after the BTC rose to more than $ 50,000, more than $ 465 million in Bitcoin position was dissolved. This includes all of Bitcoin’s future positions on several derivatives trading platforms that have overused the leverage due to the sudden rise of Bitcoin.
$ 158 million Bitcoin position in OKEx closed
According to CryptoRank, OKEx had the highest liquidity value. More than $ 158 million worth of bitcoin short positions were forcibly closed on its platform, followed by Bybit, which recorded about $ 142 million in bitcoin liquidity. The cryptocurrency exchange, Bainance, had only a $ 59 million short position that was dissolved.
Due to the volatile nature of the asset, the liquidation of the bitcoin position is a common occurrence. Increasing or decreasing the price of Bitcoin dissolves short or long positions, respectively. Dissolution of shorts is considered as a price increase, because it also provides more opportunities for longer positions.
Over the past 24 hours, there has been a 6.6 percent increase in interest in the future of Bitcoin, with Bainance gaining more than $ 4.55 billion.
Will Clemente predicted $ 50,000 BTC
Bitcoin had previously reached $ 50,000 on August 23rd. However, there were a lot of inputs and sales at that level that reduced bitcoins. Just before rising again to $ 50,000, BTC balances on exchanges fell sharply, indicating that investors are gathering again.
From the chart, it can be easily shown that the price of Bitcoin is inversely related to the price. Therefore, if investors continue to collect bitcoins, it is likely to continue to increase.