The second most important wanting the yr has assisted in sending Bitcoin to $17k. Amid the turmoil within the crypto markets as a result of unsure future forward for the FTX trade, costs throughout the board tanked on Nov. 8. Capitilizating on the scenario; brief positions have been opened up at a quantity not seen for the reason that Terra Luna collapse in Could.Supply: GlassnodeThe common funding fee (in %) set by exchanges for perpetual futures contracts is at present destructive. When the speed is constructive, lengthy positions periodically pay brief positions. Conversely, when the speed is destructive, brief positions periodically pay lengthy positions. Whereas the funding fee is near the extent seen in Could, it has spiked beneath the impartial line. Nonetheless, the speed is nowhere close to the destructive funding fee recorded in the course of the COVID-19 crash of March 2020.Supply: GlassnodeEach time BTC makes a capitulation low, merchants will usually brief aggressively. These positions sometimes mark a brand new backside within the brief time period. An analogous scenario occurred in the course of the COVID-19 crash, the miner ban in china in 2021, the Terra Luna collapse, and now the potential failure of FTX.There was $861 million in crypto liquidations over the previous 24 hours, with $250 million made up of Bitcoin shorts, in line with information analyzed from Coinglass. Bitcoin is at present down 15% over the previous 48 hours, buying and selling at $17,453 as of press time.Get an Edge on the Crypto Market 👇Grow to be a member of CryptoSlate Edge and entry our unique Discord group, extra unique content material and evaluation. On-chain evaluation Worth snapshots Extra context Be a part of now for $19/month Discover all advantages



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