Longs worth 150 million liquidated on BitMEX: Another move of market manipulation?

Bitcoin price has been trying hard to reach to the key resistance level of $10,500, but all the efforts by the bulls failed yesterday as the price came crashing down towards the support levels of $9,700. This drop was not handled well by BitMEX.

As soon as the price touched the below $10,000 mark, this sudden drop triggered a series of longs liquidation on BitMEX which resulted in the liquidation of $150 million. A Twitter bot for BitMEX, REKT announced about the BitMEX liquidation and how some traders even lost around $100,000 after the price move.

This liquidation came right after BitMEX CEO Arthur Hayes said that Bitcoin would rally towards $20,000 soon. He made the prediction after the U.S. Federal Reserve pumped in $53 billion as extra cash.

Bitcoin is facing a downward correction this week as the price continues to decline. There can be certain reasons involved in the downfall of the Bitcoin price. Here are the 5 reasons why the Bitcoin price might crash soon.

Ryan Asher
Ryan Asher
A post-graduate in business administration from Rutgers University, Ryan love to express his thoughts in writing. Ryan entered the crypto space by selling his car back in 2013 and investing the money into bitcoin. Apart from writing, Ryan loves to travel and believes that bitcoin is helping him fulfill his dream of traveling across the world.

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