{"id":417977,"date":"2020-03-13T00:20:28","date_gmt":"2020-03-13T00:20:28","guid":{"rendered":"https:\/\/wncen.com\/?p=417977"},"modified":"2024-06-11T13:43:18","modified_gmt":"2024-06-11T13:43:18","slug":"785m-liquidated-bitcoins-plummet-to-4800-leads-to-another-120m-in-liquidated-positions","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/785m-liquidated-bitcoins-plummet-to-4800-leads-to-another-120m-in-liquidated-positions\/","title":{"rendered":"$785m Liquidated: Bitcoin\u2019s Plummet to $4,800 Leads to Another $120m in Liquidated Positions"},"content":{"rendered":"<p>Bitcoin\u2019s insane plunge seen early this morning has shown no signs of slowing down as the benchmark cryptocurrency\u2019s bulls seem to disappear. This intense downtrend has now cut as deep as $4,800 and has put BTC at jeopardy of seeing a movement down to its post-2017 crash lows of $3,300.<\/p>\n<p>This latest movement to sub-$5,000 has left a trail of destruction in its wake, leading another $120 million in long positions to be liquidated in a mere matter of minutes.<\/p>\n<p>Analysts are now noting that there is barely any buying pressure between Bitcoin\u2019s current price and $4,000 \u2013 suggesting significantly further downside could be imminent.<\/p>\n<h2><strong>Bitcoin Crashes as Buying Pressure Disappears<\/strong><strong>\u00a0<\/strong><\/h2>\n<p>At the time of writing, <a href=\"https:\/\/wncen.com\/2020\/01\/19\/bitcoin-dropped-6-in-just-5-minutes-liquidating-108m-what-happens-next\/\">Bitcoin<\/a> is trading just below $5,000, which marks a <a href=\"https:\/\/www.tradingview.com\/chart\/oZB2buhX\/\" rel=\"nofollow\">massive decline<\/a> from daily highs of nearly-$8,000 that were set around this time yesterday.<\/p>\n<p>This has led many analysts to note that the cryptocurrency could be poised to see significantly further near-term downside, as the unprecedented nature of this ongoing movement has baffled investors and has led BTC\u2019s buying pressure to dissipate.<\/p>\n<p>Hsaka, a popular <a href=\"https:\/\/wncen.com\/2020\/02\/03\/bitcoin-new-lows-long-squeeze\/\">cryptocurrency analyst<\/a> and trader on Twitter, spoke about the current state of Bitcoin in a recent tweet, pointing to an order book showing that there is very little support between BTC\u2019s current price and $4,000.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">E M P T Y<a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> <a href=\"https:\/\/t.co\/mcjmqbDdXJ\" rel=\"nofollow\">pic.twitter.com\/mcjmqbDdXJ<\/a><\/p>\n<p>&mdash; Hsaka (@HsakaTrades) <a href=\"https:\/\/twitter.com\/HsakaTrades\/status\/86965773?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 12, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Because of the massive number of sell orders being placed at $5,000 and the lack of buyers to absorb this pressure, it is highly probable that the cryptocurrency will see significantly further downside in the days and weeks ahead.<\/p>\n<h2><strong>BTC\u2019s Massive Decline Leads to Wake of Liquidations Totaling at Nearly $800m<\/strong><\/h2>\n<p>One byproduct of this ongoing selloff is the fact that $120 million worth of Bitcoin long positions on BitMEX were liquidated in this latest decline, according to data from Skew.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-417981 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/skew_bitmex_xbtusd_liquidations-1.png?resize=860%2C480\" alt=\"Bitcoin BTC\" width=\"860\" height=\"480\"><\/p>\n<p>This comes close on the heels of the $665 million worth of long positions that were liquidated earlier this morning when Bitcoin plummeted to lows of $5,200 before rebounding to $6,200.<\/p>\n<blockquote><p>\u201c$665 million bitcoin longs were liquidated just now on BitMEX alone, I repeat, $665 million,\u201d Joseph Young, a popular market commentator, noted in a recent tweet.<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">$665 million bitcoin longs were liquidated just now on BitMEX alone, I repeat, $665 million<\/p>\n<p>&mdash; Joseph Young (@iamjosephyoung) <a href=\"https:\/\/twitter.com\/iamjosephyoung\/status\/53495810?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 12, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>This puts the total dollar <a href=\"https:\/\/wncen.com\/2020\/03\/09\/bitcoin-investors-extremely-fearful-amidst-bloodbath-factors-to-consider\/\">value of liquidations<\/a> seen today at roughly $785 million, which is unprecedented.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin\u2019s insane plunge seen early this morning has shown no signs of slowing down as the benchmark cryptocurrency\u2019s bulls seem to disappear. This intense downtrend has now cut as deep as $4,800 and has put BTC at jeopardy of seeing a movement down to its post-2017 crash lows of $3,300. This latest movement to sub-$5,000 has left a trail of destruction in its wake, leading another $120 million in long positions to be liquidated in a mere matter of minutes. Analysts are now noting that there is barely any buying pressure between Bitcoin\u2019s current price and $4,000 \u2013 suggesting significantly further downside could be imminent. Bitcoin Crashes as Buying Pressure Disappears\u00a0 At the time of writing, Bitcoin is trading just below $5,000, which marks a massive decline from daily highs of nearly-$8,000 that were set around this time yesterday. This has led many analysts to note that the cryptocurrency could be poised to see significantly further near-term downside, as the unprecedented nature of this ongoing movement has baffled investors and has led BTC\u2019s buying pressure to dissipate. Hsaka, a popular cryptocurrency analyst and trader on Twitter, spoke about the current state of Bitcoin in a recent tweet, pointing to an order book showing that there is very little support between BTC\u2019s current price and $4,000. E M P T Y$BTC pic.twitter.com\/mcjmqbDdXJ &mdash; Hsaka (@HsakaTrades) March 12, 2020 Because of the massive number of sell orders being placed at $5,000 and the lack of buyers to absorb this pressure, it is highly probable that the cryptocurrency will see significantly further downside in the days and weeks ahead. BTC\u2019s Massive Decline Leads to Wake of Liquidations Totaling at Nearly $800m One byproduct of this ongoing selloff is the fact that $120 million worth of Bitcoin long positions on BitMEX were liquidated in this latest decline, according to data from Skew. This comes close on the heels of the $665 million worth of long positions that were liquidated earlier this morning when Bitcoin plummeted to lows of $5,200 before rebounding to $6,200. \u201c$665 million bitcoin longs were liquidated just now on BitMEX alone, I repeat, $665 million,\u201d Joseph Young, a popular market commentator, noted in a recent tweet. $665 million bitcoin longs were liquidated just now on BitMEX alone, I repeat, $665 million &mdash; Joseph Young (@iamjosephyoung) March 12, 2020 This puts the total dollar value of liquidations seen today at roughly $785 million, which is unprecedented.<\/p>\n","protected":false},"author":499,"featured_media":417980,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1119,6664],"class_list":["post-417977","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btc","tag-crypto"],"acf":[],"yoast_head":"\n<title>$785m Liquidated: Bitcoin\u2019s Plummet to $4,800 Leads to Another $120m in Liquidated Positions<\/title>\n<meta name=\"description\" content=\"Bitcoin&#039;s drop to sub-$5,000 has left a trail of destruction, leading another $120 million in long positions to be liquidated in a mere matter of minutes.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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