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Bitcoin surges more than 15%; nears $8,500
UPDATED: October 25, 2019, 3:29PM EDT
<span class="acf-media-credit"><span class="acf-credit"><span class="acf-credit"><a href="https://dat-rs.com/" target="_blank">Ricardo Santos for The Block</a></span></span></span>
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Bitcoin's price surged from $7,400 to over $8,500 this morning — an upswing of nearly 15%. According to data from Rekto, over the past hour, derivatives exchange BitMEX saw over $162 million worth of XBT Perpetual Swap contracts liquidated. That is to say, a large number of bitcoin levered positions have been automatically closed by BitMEX's system. The price has since settled slightly above $8,400 at the time of this writing.
Bitcoin's price surge (Source: TradingView)
BitMEX Liquidations (Source: Rekto)
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