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$25 Million in BitMEX Longs Wiped Out as Bitcoin Crashes Below $9,000

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Just days ago, traders were expecting for Bitcoin to break past $10,000. Now, the cryptocurrency is trading at $9,000 flat, plunging as bulls fail to maintain the momentum after nearly eight weeks of gains.
Bitcoin price chart of the past few days’ price action from TradingView.com.
While Bitcoin already sustained weakness yesterday, the latest drop lower — which has taken BTC from $9,500 to $9,000 — caught some traders off guard.
According to crypto derivatives data tracker Skew.com, approximately $25 million worth of long positions were liquidated by BitMEX during this drop lower. Millions more were liquidated on ...

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