Bitcoin longs worth $25M liquidated on BitMEX; is $10k a dream again?

Bitcoin’s volatility has been on the rise for the past few weeks now. The king coin, while it was once aiming to surpass the $10k resistance, now has to deal with immediate resistances around $9.6k and $9.3k  The coin bid a temporary goodbye to $10k on 25 February, following which its value took a dive from $9,682.73 to $9,288.42. This fall accounted for a little over 4%, and it did not stop there.

At midnight on 25 February, the coin had managed to gain many of the buyers’ interest; however, the sell-offs further pulled down its price by 2%.

Source: BTC/USD on Trading View

The price of Bitcoin had also recorded a drastic fall on the day before, on 24 February, price movement that again stalled the king coin’s bullish momentum. In fact, over the past three days, Bitcoin has lost 9% of its value and it was trading at $9,152.72, at press time.

The sudden slump in the price of Bitcoin triggered contract expiry on BitMEX exchange. A total of $25 million longs were liquidated within an hour, with the highest sell liquidation being worth $7 million.

Source: Skew

This high liquidation was also recorded on 24 February, where BitMEX reported liquidation of nearly $23 million worth longs.

A similar trend was observed in the Ethereum market, with the coin recording a loss of 7.37% within hours after the coin fell to a value of $245.62. The second-largest digital asset by market cap has since been trading at $235.87. ETHUSD Futures contract on BitMEX also saw a spike in expiration as the coin lost its elevated value. $521k longs were liquidated when Bitcoin first fell, and the liquidation of $555k longs followed the second fall of the king coin.

Source: Skew

Despite several efforts, the price of the world’s largest crypto keeps slipping like sand and along with it, the altcoin castle also seems to collapsing.