The price of Bitcoin (BTC) plummeted by 14% from $10,180 to $8,600 on BitMEX within less than 15 minutes. Three major factors that caused the price drop were long contracts accounting for the overwhelming majority of the Bitcoin market, BTC reacting to a multi-year resistance at $10,500 and whales dumping. {image} Bitcoin was overdue for a long squeeze Before the price correction occurred, the funding rate for Bitcoin and Ether (ETH) hovered at around 0.16% and 0.19%, respectively. The term funding rate in the Bitcoin futures market means the fee long contract or short contract holders have to pay their counterparts ... (full story)