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At the time of writing, Bitcoin trades at $38,830 with a 2% profit over the past week.Hang Seng down nearly 5% only 5 mins into the session. Mainland down almost 3%. This coming off yesterday, the worst china session since '08. At what point do you call it a a crisis? — TheLastBearStanding (@LastBearStandng)
Shorts Squeeze, More Profits In Sight?
Data provided by Wu Blockchain indicates a number of high-value players borrow money from crypto exchange platform Bitfinex. These players used their funds to open unprotected short positions. Over 5,000 BTC were used to take loans and open shorts since March 10. However, over the past 12 hours, the positions have been trending lower.According to datamish data, the BTC lent on Bitfinex is being returned, and the BTC borrowed by short sellers has dropped to 2,481, a drop of 49.5% in the past 24 hours. — Wu Blockchain (@WuBlockchain)Maybe these unprotected shorts were long in a different crypto exchange, maybe they closed their shorts as they noticed BTC’s price current price action. In this current scenario, driven by fear due to the war in Ukraine and of more inflationary expansion, Bitcoin has seen an increase in its number of addresses with balances over $1,000. More people seem to be using BTC to potentially hedge against the consequences of an extended conflict in Europe, to easily transport wealth between borders, to secure everyday items when banks collapsed.
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These dangers are materializing in some parts of the world sending a warning to everyone paying attention. The need for BTC has never been more real.