The price of bitcoinbitcoin has risen by $1,000 in just 20 minutes, sending it above $10,000. It is now sitting at $10,374, at the time of writing.
As a result, many traders were liquidated on crypto leverage trading platform BitMEX. According to Datamish, a crypto analytics company, nearly $58 million in bitcoin short positions on the platform were liquidated during the bitcoin pump. In contrast, just $20 million in long positions were liquidated a few hours earlier when the price was sliding downhill.
According to Bitcoinity, a market watching website, there was a big spike in trading volume during this price rise. More than 3,900 bitcoin was traded in one minute at 15:36, mostly in USD, worth $37 million across the crypto exchanges it accesses. To put this in perspective, just ten minutes earlier, less than 100 bitcoin was switching hands per minute. The reason? Take your pick: A whale offloading currency? Tether begins printing Tethers? Bitcoin talked about in the Senate? Mike Dudas telling his following to buy bitcoin? Who knows.
Binance to airdrop 9 million Stellar, now offers staking rewards
Binance is set to introduce staking rewards for Stellar Lumens and will be airdropping 9,500,000 XLM, worth $775,000, to users of the exchange. Stellar is a proof-of-stake cryptocurrency designed for cross-border payments. This means holders can choose to "stake" their coins and receive staking rewards, as an alternative to mining. Binance will distribute staking rewards to its customers based on how many Lumens they hold on a daily basis–there is a minimum requirement of 10 XLM in order to qual...
What we do know is The Block’s Mike Dudas tweeted this morning that he believes the price of bitcoin is primed to go up, and recommended to his followers that they buy bitcoin. At the time, the price was just $9,700.
Forget the McAfee effect—or the Coinbase effect—is it time for the Dudas effect?
