Crypto Dump – a quick summary what just happened
2 min read
With this post I want to provide a quick analysis of what exactly happened in the last hour.
Liquidation:
Liquidation data shows that only in a single hour we’ve seen $800m worth of USDT positions getting rekt. Longs completely liquidate cascaded while shorts chasing the dump got rekt on the bounce.
1.7Bn Open interest wiped out
Billions worth of open interest got wiped out within a single minute ripping through stop losses, shorts & long liquidation levels.
Exchanges downtime
Multiple exchanges reported such a heavy demand & traffic their futures trading had issues or was even down entirely for minutes ( MEXC, Bybit and a few smaller )
Volatility is back
At the end of the day this is what we’ve signed up for it was just incredible peaceful the last months. BTC chart looks like a stablecoin depeg because of the lack of volatility ahead of this sudden plunge.
This is just a -8% Day. This used to be uncommon, yet nothing crazy special not long time ago.
Liquidation data
Taking a look at the liquidation map it’s pretty clear why we’ve seen a plunge on some exchanges as low as $24,733. Interestingly, BTC CME Futures btw only reached a low of $26,300.
So… what are the news?
Markets always move first. Interestingly, you could already see signs for a larger major ( BTC / ETH ) sell off the entire Day as they were the top losers of the top market caps. Odds are high this is a larger entity exiting most likely for a reason we will hear in the coming days.
The Volume however was incredible low due Market Makers pulling their bids once high sell off occurs. The next hours will be very interesting due demand jumping in and volume will increase. A possible quick recovery could occur if this was all of the selling pressure.
submitted by /u/TarkovRedditor
[link] [comments]
