Bitcoin, in the past 24 hours, has broken major support levels, falling to $ 3.8 thousand on several exchanges. At press time, Bitcoin is valued at $ 5,800. This is a lifeline for traders to see the coin drop to $ 3,850 in just 30 minutes. According to data provided by Skew, the highest liquidation within an hour was 10,257.8 BTC at Long positions on March 12.
BTC / USD price chart on TradingView
As the spot market began to collapse, the Bitcoin Futures market also witnessed increased activity from traders. Volume began to increase on March 12 and eventually reached an all-time high (ATH) for daily aggregate volume. The all-time high is marked at $ 37.24 billion.
Of the 13 BTC futures exchanges listed on the data provider Skew, eight exchanges have reported trading volumes of more than one billion dollars. Of these eight exchanges, OKEx reported the highest volume of $ 13 billion and was closely watched by BitMEX with $ 11 billion in volume. The two exchanges are always prominent and profitable in the derivatives market.
Other exchanges such as Binance, BitFlyer, Bybity, Deribit, FTX and Huobi are among the exchanges reporting high transaction volumes. On the other hand, other derivatives platforms, the volume of transactions on the network, such as those of Bitfinex, Bakkt and CME, are limited to millions.
In addition, when prices fell, the spread between spot prices on BitMEX and Coinbase increased. This difference is marked in a chart provided by Skew and it marks the difference as having a value of -22.94% basis. This means that at certain times, prices on the two exchanges show a big difference.
According to the data, the peak was formed at 02:32 am on March 13. Looking at the trading charts of the two exchanges, one finds that BitMEX opened the candle at $ 4,150, while on Coinbase, the opening price was $ 5,453.74. Similarly, a marked difference was recorded at the highs registered on BitMEX and Coinbase, with the previous high being $ 4,322 and then reaching $ 5,750.
Source: XBT / USD
Moreover, the price of XBT violated $ 4k on BitMEX to record a low of $ 3,606.5, while on BitMEX, the currency did not violate $ 5k and reported the lowest transaction at $ 5,310. , 15.
The last candle closed at $ 4,322 for BitMEX, but $ 5,495.58 for Coinbase, the difference was $ 1,173.58.
You can see the price of Bitcoin here.
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