One of the largest crypto derivatives exchange in the world, BitMEX witnessed massive liquidations in the last one month. The exchange is seeing its BTC supply shrink drastically. March was one of the worst months in the history of bitcoin since 2013.
Bitcoins held by BitMEX drop massively.
According to the Coinmetrix, the amount of Bitcoin held by BitMEX has been in freefall over the past two weeks after BitMEX experienced mass liquidations on March 13th. As of March 29th, BitMEX held 244k BTC, down from a peak of 315k on March 13th. It was also blamed on BitMEX played a part in the drop in the price of bitcoin, but the exchange denied such claims.
The amount of Bitcoin held by BitMEX has been in freefall over the past two weeks after BitMEX experienced mass liquidations on March 13th.
As of March 29th, BitMEX held 244k BTC, down from a peak of 315k on March 13th.
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— CoinMetrics.io (@coinmetrics) March 31, 2020
BTC price rises above $6,500.
The price of bitcoin has surged above $6,500, nearly 5% up in the last 24 hours. But the leading cryptocurrency is not out of danger yet as the price of bitcoin is expected to fall below the $5,000 in the coming days as financial markets continue to crash amid the global pandemic. Bitcoin is still coupled with the traditional markets, and they are expected to plunge as a threat of great recession looms around.
