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Bitcoin plummets to $ 8,650 with $ 670 million settled from traders at BitMEX


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Bitcoin price continues to fall on Wednesday (26). At 1 pm, the price broke through $ 9,000 for the first time since January. In the following minutes, BTC was traded up to $ 8,652.

In Brazil, cryptocurrency fell below R $ 40,000, reaching up to R $ 39,192, according to the IPB.

During the fall, more than $ 150 million (approximately R $ 670 million) in bitcoin long positions were settled on Bitmex, the largest crypto derivative exchange in the world. That was the highest figure recorded in 2020 so far.

With traders being liquidated, and BitMEX representing a large share of market trading, the decline may have been driven by liquidations.

The bearish move may also be a profit-taking, given that bitcoin was up more than 30% in 2020.

Bitcoin is now following the world's main markets, which are operating in sharp decline this week with the advance of the Corona Virus. In Brazil, the Ibovespa closed down 7.42% this Wednesday.

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Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.