The rally since the beginning of the last week came to a temporary height and the turning – point on Sunday, at 12,000 US dollars. Within a week, the crypto-gained reserve currency, therefore, to over 2,000 dollars. The last almost a year ago, reached mark could not hold the price of Bitcoin but for a long time. In the case of forward transactions, some invoices were still open.
whiplash in Bitcoin and Ether
After days of the constant price rise in Bitcoin, as well as Ether (ETH) had to on the weekend some tee shots to cope with. So the Bitcoin is caved-rate during yesterday’s trading history in order to temporarily 1,000 US dollars. Within a few minutes, the crypto-currency dropped initially from about 12,000 to 11,200 dollars, and in Addition, 11,000 US Dollar slipped by. In the case of Ether, a similar chart is shown. The second largest crypto-currency is about to fold in the same period by about 11 percent, from 406 to 360 US dollars.
What has pulled two Coins to the floor was an uneven distribution of Long and Short contracts on the futures exchanges. The majority of the dealers in anticipation of a rate rise in Long positions. In contrast, significantly fewer Short positions were held in the market. In the consequence it came to a Long Squeeze, so a mass liquidation of Long contracts worth several hundred million US dollars are liable.
liquidation was foreseeable
An indicator that indicated an imbalance in the futures markets and, therefore, the liquidation in advance, the Funding Rate, so the rate of interest. This value adjusts the distribution of Short and Long positions, and regulated thus, a balance between the post-ion on the market.
holders of Long contracts or Short contracts will have to pay your “betting counterparty” for a fee. The Bitcoin rise Rate and the Funding, traders have Long positions to pay all eight hours charge according to the interest rate to the holder of the Short contract. This mechanism is intended to prevent the market ausschwankt unequal in favor of Long or Short positions.
the average Funding Rate of Bitcoin stood at about 0.01 per cent, showed that the market of Long-was oversaturated positions.
This alone did BitMEX to a liquidation of the contracts, worth 219 million dollars.
all-time high, the Hash Rate
On Saturday it was time again. The Bitcoin Hash Rate is high, reaching 126,941 m TH/s, a new all-time high and has only three weeks earlier, on 8. July-established top can outdo the value of 125,99 m TH/s, nearly.
The Hash Rate it shows: The race to the digital Gold is so highly competitive than ever before. After the Halving, in which the Hash Rate plummeted dramatically after-effects, experienced by the Mining currently in a Renaissance.
The increase is on the one hand, due to the recent Bitcoin rally. At a current exchange rate of nearly 11.200 US dollars, the “crypto-mining raises” finally, and again significantly more income than in the previous months.
on The Other Mining Pools equip with the new Antminer-Generation of Hardware maker Bitmain, which is equipped with higher Hashing Power, and better a efficiency. In addition, the rain time suppressed in China, the electricity prices on the spot massif, including the already market-dominant Mining Pools from the middle Kingdom a competitive advantage in the energy-hungry Mining get.
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*The contribution of “significantly more than 11,000 US dollars: Bitcoin price after “Long Squeeze” is back,” published by BTC. Contact with the executives here.
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