{"id":402361,"date":"2019-10-25T16:18:52","date_gmt":"2019-10-25T16:18:52","guid":{"rendered":"https:\/\/uniquehot.com\/?p=402361"},"modified":"2024-06-11T13:31:29","modified_gmt":"2024-06-11T13:31:29","slug":"bitcoin-pumps-150-million-bitmex-liquidated","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-pumps-150-million-bitmex-liquidated\/","title":{"rendered":"Bitcoin Pumps by $800 in 20 Minutes: $150 Million in BitMEX Shorts Liquidated"},"content":{"rendered":"

Wow. In the past 30 minutes, Bitcoin<\/a> (BTC) bulls have absolutely made their presence known. Within a ten-minute time frame, the leading cryptocurrency surged from $7,700 to $8,500 \u2014 representing a nearly 10% gain.<\/p>\n

Altcoins followed suit, also surging by double digits as bulls finally managed to make a stand against the bears, who had brought Bitcoin from $8,000 to $7,400 just days earlier.<\/p>\n

Related Reading: Bitcoin Price Indicators: Worse Has Yet to Come, Move Under $7,000 Likely<\/a><\/h6>\n

Bitcoin Pump Wipes Out BitMEX Traders<\/strong><\/h2>\n

As normal, this bout of volatility \u2014 which came unexpected \u2014 caught many traders aback. According to cryptocurrency analytics provider Skew.com, this surge higher, which majorly took place within a ten-minute span of time, saw just under $150 million worth of BitMEX short positions liquidated.<\/p>\n

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This is smaller than the $200-odd million worth of BitMEX longs liquidated during this week’s 10% aforementioned drop from $8,000 to $7,200.<\/p>\n

What’s Next?<\/strong><\/h2>\n

The move just happened minutes ago, so analysts are still grappling with the implications for Bitcoin.<\/p>\n

But according to GalaxyBTC, “this might be bullish.”<\/p>\n

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Not an expert but this might be bullish. pic.twitter.com\/C8eeYlwuCh<\/a><\/p>\n

— Galaxy (@galaxyBTC) October 25, 2019<\/a><\/p><\/blockquote>\n