Market Wrap: Bitcoin Slides to $11.8K; Uniswap at $7M in Monthly ETH Fees

Bitcoin’s prices were off from Monday’s high. Meanwhile, high fees on Ethereum helped decentralized exchange Uniswap rake in $7 million over the past month.

  • Bitcoin (BTC) trading around $12,002 as of 20:00 UTC (4 p.m. ET). Slipping 2.8% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $11,825-$12,412
  • BTC below its 10-day and 50-day moving averages, a bearish signal for market technicians.

btcaug18
Bitcoin trading on Coinbase since Aug. 16.
Source: TradingView

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After hitting a 2020 high Monday, bitcoin dipped to as low as $11,825 on spot exchanges such as Coinbase on Tuesday. Seychelles-based BitMEX saw plenty of action during this price rise and fall, as both long and short traders were wiped out in automatic liquidations, the crypto equivalent of a margin call. During Monday’s sharp price rise, BitMEX liquidated short traders by as much as $10 million in one hour. During Tuesday’s decline, long traders were wiped out at a rate of $6.7 million in an hour.

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Liquidations on derivatives exchange BitMEX the past three days.
Source: Skew

Many traders, including Andrew Tu of quant trading firm Efficient Frontier, see $12,000 as “resistance” or a price level that is tough to overcome but when it is, bitcoin can break to higher territory.

“Bitcoin finally broke its $12,000 resistance Monday,” said Tu. “Now it’s on to $13,000 and $14,000 as resistance, assuming that we can hold above $12,000.”

Bitcoin’s price was just under $12,000 as of press time after the selling pressure earlier.

Michael Rabkin of Chicago-based trading firm DV Chain told CoinDesk both retail and institutional interests are fueling fresh bitcoin highs, and the asset is headed higher. “Bitcoin’s popularity is growing in the mainstream media and with traditional investment firms as the U.S. continues its stimulus,” he told CoinDesk.“Even though this can’t last forever there is no end in sight, so…

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