Bitcoin price rally to $ 15.300, over $318 million shorts have been liquated on BitMEX

By Selena On Nov 5, 2020

Over $ 318 million shorts have been liquated on the BitMEX in the past 30 days since November 5th. During the same period, about $ 147 million were liquidated on the exchange. Over the past 30 days, Bitcoin price has broken through the key resistance of $ 13,000 and started showing signs of continued strength towards the end of October. At press time, Bitcoin has made an all-time high since January 2018 at $ 15,206.

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price surpasses $15.000 as $300mln shorts liquidated on BitMEX in 30 days

The unusually high number of liquidated short positions can correlate with the shorter-term bearish outlook in the market. Usually, short-term Bitcoin allows traders to bet against Bitcoin’s rise in price. Let’s say the price of Bitcoin falls, and the traders can close their positions and make a profit. However, if the price increases, the value of the position decreases.

The high liquidation of short positions on BitMEX can cause traders to worry about their positions. However, the inverse volatility could have caused a significant liquidation of long-term investments.

The liquidation of crypto short and buy transactions is a common market practice, with traders often engaged in over stakes. As a result, days of significant price volatility like last month may leave some traders unaware and lead to forced liquidation.

At this point, it is too early to say whether BitMEX liquidation will have any lasting effect on the market, which is still preparing for the next price movement.

Bitcoin hits all-time high against the Russian ruble

According to CoinGecko, Bitcoin has broken another historic high against the ruble, surpassing its previous ATH level of around 1,157,000 rubles.

Source: CoinGecko

As the ruble weakens against the dollar, the new ATH is not based solely on Bitcoin’s massive growth. The previous ATH of Bitcoin’s price against the ruble was recorded in 2017 when Bitcoin hit a record high of $ 20,000. At that time, the US dollar was priced at about 59 rubles. After a massive drop against the ruble amid the US presidential election, one dollar is currently worth about 77 rubles.

The Russian ruble is not the only fiat currency facing Bitcoin’s new all-time high amid the ongoing cryptocurrency rally and rising inflation.

According to businessman and market commentator Alistair Milne, Bitcoin’s price hit new record highs for seven national currencies such as Brazil, Turkey, and Argentina in October 2020. On October 22, Milne projected It is predicted that Bitcoin will soon hit new ATH levels in the Russian and Colombian local currencies.

You can see the Bitcoin price here.

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