Forex and Crypto News

Bitcoin reaches $12890 eliminating, $75 million in futures

17:33 21 October /2020

Today Bitcoin started a new bullish rally amid two positive news. The first good thing for Bitcoin's price growth is that PayPal is adding cryptocurrency support. The second news is that the US confirms an imminent fiscal stimulus package.

The market reacted quickly. And if during the Asian session the pair BTC/USD was trading at $11900, then at the time of publication the pair BTC/USD is trading at $12890. Analysts say the market has moved away from news about OKEx and today's news has had a positive impact.

btcusd-21-october-2.jpg

However, such a rapid rise in the price of Bitcoin has a negative effect. Short positions over $75 million have been liquidated, according to SKEW. Nobody expected such a sharp increase.

$35 million was liquidated on OKEx, and at least $40 million on BitMEX. But since these are just two out of a larger number of exchanges, the volume of liquidated futures is correspondingly much larger.

One trader noted that there is little trading activity in the area above $12000.This can lead to rapid price movements both up and down as the market tries to determine where to trade bitcoins.

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