Going long on Bitcoin, how risky is it?
Bitcoin is now trading at $17275, down from $19300, 3 days ago. The price has dropped by 10.49% and Bitcoin longs worth $43.8 Million were liquidated in the past 24 hours on BitMEX vs $6.5 Million shorts. 3 days ago, on November 24, 2020, the situation was a contrast. There were more shorts getting liquidated than longs.
‘As Bitcoin’s price dropped to the $17k level, trade volume continued to remain high on both spot and derivatives exchanges.
Since November 24, the trade volume in BTC Futures was higher than average. It crossed $60 Billion on November 26. Besides, trade volume on derivatives exchanges is higher than the monthly average, however, the price is below $17300. A similar trend is observed in Bitcoin’s Open Interest.
See more for yourself here (https://eng.ambcrypto.com/going-long-on-bitcoin-how-risky-is-it/)