Bitcoin [BTC] shorts reach all time high as bear threatens to squeeze the life out of the coin
With the bear market reaching its tightest squeeze yet, Bitcoin [BTC] has seen a drop to its lowest level this year. The downward pressure seems to have the upper hand as the coin has slid 10% in the last 24 hours to trade at a price close to $3400.
Reflecting the power of the bear over the market, the number of open short trades for Bitcoin has reached an all time high. With over $3.1 billion in trading volume over the past 24 hours and dominating 31.8% of Bitcoin’s total trading volume, derivatives trading platform BitMex has taken the market away from the bears and given profits to the short traders.
With close to 40,000 being opened on the platform in order to execute short positions, the number of contracts continues to increase as the price of Bitcoin falls. They are positions created by traders trying to hedge their risk with the decline of the top cryptocurrency, as the long positions are currently being exposed to negative price movement.
The coin has been in a downward…
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