Why Bitcoin Suddenly Spiked to $10,200, Instantly Liquidating $75M
Cointelegraph
Published Jul 26, 2020 07:03AM ET
Updated Jul 26, 2020 08:40AM ET
The price of Bitcoin (BTC) rose to as high as $10,272 on July 26 in an unexpected weekend rally. It liquidated $74 million worth of long contracts on BitMEX alone, catching many traders off guard.
There appear to be two main reasons behind the abrupt upsurge of Bitcoin from $9,700 to over $10,200. They are the liquidation of over-leveraged shorts and traders taking profit from over-extended alternative cryptocurrencies (altcoins).
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Written By: Cointelegraph
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