Chainlink's low Bitcoin correlation hasn't helped its price

eng.ambcrypto.com
2 min read
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The market is once again expressing bullish features, as the price of Bitcoin [BTC] pumped above $12k on 17 August. The price of the largest crypto asset spiked by 5.68% within two hours on Monday, enabling BTC to breach its resistance and report a yearly high of $12,473. This rally also helped push the trading […]
The market is once again expressing bullish features, as the price of Bitcoin [BTC] pumped above $12k on 17 August. The price of the largest crypto asset spiked by 5.68% within two hours on Monday, enabling BTC to breach its resistance and report a yearly high of $12,473. This rally also helped push the trading volume of BTC up, despite having been on a decline during the course of the past few days.

The sudden pump in price caused total liquidations on BitMEX of worth $49 million, wherein $45 million were long liquidations, according to data from Skew. Whereas the open interest hit an all-time high of $5.8 billion and the institutional side of the futures market accounted for 16.3% of the total OI.

The BTC…
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