It was a very difficult day for Bitcoin bulls, nearly 250 million long positions were liquidated on the BitMEX exchange.
According to Datamish, which analyzes crypto exchanges, more than $ 247 million of long positions were liquidated on BitMEX cryptocurrency exchange on May 10.
This great liquidation caused the price of BTC to lose 15 percent in minutes.
Bitcoin (BTC) Failed to Maintain Positive Weather
After creating seven consecutive green candles on the weekly chart, Bitcoin suffered massive losses before it could expand its earnings line. On May 7, the BTC price once again surpassed the $ 10,000 level, with news about billionaire investor Paul Tudor Jones entering the crypto market.
However, even this positive news was not enough for Bitcoin to stay above the $ 10,000 level, and BTC experienced a major retreat three days later and began to shrink rapidly with losses of $ 1,500 within 10 minutes.
At the time of writing, bulls and bears continue to fight, and Bitcoin price is trading at $ 8,844.
Bitcoin (BTC) Futures
Meanwhile, the popular cryptocurrency trader Hsaka stated that the number of total outstanding derivative contracts fell on the major crypto exchanges and Binance had the biggest blow.
— Hsaka (@HsakaTrades) May 10, 2020
The Chicago-based CME Group registered its highest deficit ever to Friday (around $ 500 million), which corresponded to Jones’ Bitcoin statement the day before.
Considering that the BTC CME futures closed at $ 10.030 on May 8, the bulls can hope to fill the $ 1,200 gap in the near future.