Everything Around Crypto
Bitcoin
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+243.75
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NEO
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DigitalCash
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Tether
$1.00
0
(0%)
Binance Coin
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Verge
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Ontology
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Bitcoin Paints V-Shape Recovery after Crashing to $3.8K; More Pain Coming?

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Highlights:Bitcoin plunges to $3.8K for the first time since April 2019.The cryptocurrency’s deep dive came alongside a massive liquidation spree on the BitMEX crypto exchange.The price recovered by $2,000 but left the market in further distress, especially amidst the rising Coronavirus risks on global financial markets.Bitcoin fell to its 10-month low this Friday the 13th as liquidation went rampant on crypto derivatives exchange BitMEX.Sam Bankman-Fried, the CEO of Hong Kong-based crypto derivatives exchange FTX, alleged that BitMEX failed to liquidate an adequate number of bitcoin tokens from leveraged long positions. He noted that the exchange’s order-book was ten times thinner than what was required to balance the liquidation demand.As a result, the XBT/USD contract rate on BitMEX fell to $3,596, much lower than the cryptocurrency’s spot price across other exchanges. The pair staged a sharp reversal – of more than $2,000 – only after BiTMEX went offline. Mr. Bankman-Fried noted that bitcoin risked falling to zero had not BitMEX shuttered its trading.12) BTC rallied without the gigantic sell wall of the BitMEX liq. And even more than that–BTC rallied, so fewer people *had* to be liquidated….. Creating a self-fulfilling prophecy. If we could will BTC up above $5k, maybe then it would no longer *need* to go down.— SBF (@SBF_Alameda) March 13, 2020BitMEX denied Mr. Bankman-Fried’s allegation, labeling it as a “conspiracy theory.” But the liquidation of $993 billion long positions on its platform left the entire cryptocurrency market in a deep state of shock, with Atlanta-based mining firm BitPico even saying that BitMEX orchestrated the crash.

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