Bitcoin Worth $270 Million Liquidates Before Halving

BitMEX Liquidates Over 295 Million Crypto

The market data aggregator, Cryptometer, has reported that more than $295 million of liquidation has happened on BitMEX only but in comparison, liquidated shorts amounted $5.7 million.

XBT/USD markets of BitMEX experienced around 93 pecent of the liquidation which include Ripple (XRP) with 4.1 percent worth $12.3 and Ethereum with 2.2 percent worth $6.5 million.

Total short liquidation of XRP and ETH market is just 0.02 percent and 0.22 percent respectively.

Most of the retail investors, who have been hoping to take advantage of the upcoming halving, desires are likely to get eliminated because of the liquidation.

Since the last few weeks, many of the crypto exchanges were posting articles on halving claiming that it would be bullish for the block rewards, all the assuming events were the reason a hype was created regarding halving in the industry.

Bittrex Global Increased Credit Limits Before Halving

On May 05, 2020, many of the traders got a mail from Bittrex Global regarding Bitcoin purchase. The leading blockchain technology provider of America in its mail mentioned ‘Buy More Bitcoin Before The Halving’ as a subject. It notified the users that just before the halving the exchange has extended its credit card limit for the users.

Now the traders who have bought the BTC would be sitting at break-even after its market crash.

On May 09, 2020, a report has been published by a high-leveraged derivatives exchange, Bybit, which claims to have examined the market state before halving. The report by the derivatives exchange claims to have many bullish trend cases but it was contrasted by reasons for the price, which could be the part of the short run.

Currently, except for the leveraged traders, all others who have bought the Bitcoin at $10,000 would be experiencing a loss of 15 percent.

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