Bitcoin shakeout below $11,700 sees $94m longs liquidated on BitMex
Traders have had a tough few days longing and shorting Bitcoin as the volatility has seen liquidations galore.
Following Bitcoins recent correction from the yearly high of $13,940 down to its current price of $11,700 has seen a surge of liquidations on Bitmex, to the tune of $94 million.
It appears some traders thought the parabolic move would see more upward price movement, however that was not to be the case. Bitcoin saw a $2,000 decline in price over the past 12 hours, seeing long positions drastically decline at the same time.