<div class="c-message__content_header">Bitcoin prices fell sharply this morning from $7,700 to below $6,800—an almost 12% drop— hitting a six-month low.</div> <div> </div> <div class="c-message__content_header">Data from <a href="https://app.rek.to/">Rekto</a> shows that derivatives exchange BitMEX saw more than $388 million worth of XBT Perpetual Swap contracts liquidated over the past 24 hours, which means that the exchange system has automatically closed a large number of bitcoin levered positions. By publication time, Bitcoin prices have clawed their way back above $7,000.</div> <div> </div> <div><img class="alignnone wp-image-48111" src="https://www.tbstat.com/wp/uploads/2019/11/bitcoin-price-678x450.png" alt="" width="671" height="445" /></div> <div> <div id="1574446119.003500" class="c-virtual_list__item" tabindex="-1" role="listitem" aria-expanded="false"> <div class="c-message c-message--light" role="document" data-qa="message_container" data-qa-placeholder="false"> <div class="c-message__content c-message__content--feature_sonic_inputs" data-qa="message_content"> <div class="c-message__message_blocks c-message__message_blocks--rich_text"> <div class="p-block_kit_renderer p-block_kit_renderer--absorb_margin" data-qa="block-kit-renderer"> <div class="p-block_kit_renderer__block_wrapper p-block_kit_renderer__block_wrapper--first"> <div class="p-rich_text_block" dir="auto"> <div class="p-rich_text_section">According to a market brief provided to The Block by QCO, a crypto trading firm based in Singapore, BiMEX Open Interest (OI) has dropped below $700 million following rapid liquidations—an indicator of positioning extremes. The exchange is likely to observe a negative funding rate while futures remain in contango, the brief says.</div> </div> </div> </div> </div> </div> </div> </div> <div id="1574446139.003800" class="c-virtual_list__item" tabindex="-1" role="listitem" aria-expanded="false"> <div class="c-message c-message--light c-message--hover c-message--adjacent" role="document" data-qa="message_container" data-qa-placeholder="false"> <div class="c-message__gutter c-message__gutter--feature_sonic_inputs"> </div> <div class="c-message__content c-message__content--feature_sonic_inputs" data-qa="message_content"> <div class="c-message__message_blocks c-message__message_blocks--rich_text"> <div class="p-block_kit_renderer p-block_kit_renderer--absorb_margin" data-qa="block-kit-renderer"> <div class="p-block_kit_renderer__block_wrapper p-block_kit_renderer__block_wrapper--first"> <div class="p-rich_text_block" dir="auto"> <div class="p-rich_text_section">Although it is possible for Bitcoin to approach the $6,000 level by year-end, the brief adds, right now it is more bullish than bearish. QCP also believes that Chinese retail traders will likely buy on dips if Bitcoin’s prices fell below $7,000.</div> </div> </div> </div> </div> </div> </div> </div> </div>