The reason why Bitcoin is up 3%

in #crypto • 6 years ago

So #bitcoin went up 3% at once. Reason? Take a look at these snapshots:

There were 35.941k btc shorts in 'before' shot (Aug 27, 11:22pm)
btc shorts before.png
and dropped to 35.463k btc in 'after' shot (Aug 28, 1:50am)
btc shorts after.png

so about 500 btc of shorts were closed!

When you close a short position you must buy underlying asset, which is $btc... Hence 🚀

#bitcoin #btc #futures #price
6 years ago in #crypto by
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     6 years ago 

    Nice info, where did you get those charts from?

    I think allowing the shorting of btc was the beginning of the end :-(

    Cg

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