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  • Bitcoin Price Spikes Above $7.1K, Liquidating $23M on BitMEX – CoinDesk

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    Bitcoin’s price jumped close to $500 early on Thursday, triggering liquidations worth millions on crypto derivatives exchange BitMEX.

    The top cryptocurrency by market value picked up a bid around $6,650 and rose to a high of $7,145 in the 90 minutes to 08:30 UTC, according to CoinDesk’s Bitcoin Price Index.

    The sudden move forced liquidations of futures worth $23 million on BiMEX, of which $10 million happened in the 60 minutes to 08:00 UTC and the remainder in the following 30 minutes, according to data provided by the crypto derivatives research firm Skew.

    capture-30
    BitMEX hourly liquidations. (Source: Skew)

    Total liquidation volume seen over that timeframe was significantly higher than the three-day hourly liquidation average of $1.6 million.

    Sell liquidations occur when
    the market moves against long positions and breaches a predetermined limit,
    forcing BitMEX’s liquidation engine to
    Source…

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