A 4.8 percent impulse in Bitcoin’s price beginning Aug. 25 caused an unusual number of liquidations on BitMEX, wrecking $52 million in BTC short positions.
Bitcoin shorts liquidated on BitMEX
Notorious for its degenerate 100x leverage, BitMEX has been one of the most widely-used margin trading platforms in the world. These high-risk trades have the potential to sway the market, which is exactly what happened on Aug. 25.
Yesterday, the platform saw a large liquidation that stood out from the relatively uneventful trading day. Charts taken in the late afternoon on Aug. 25 showed that short Bitcoin positions were obliterated when BTC’s price saw a 4.8 percent surge, which was likely heightened by liquidated positions. Read More at CryptoSlate...