The market crash

First of all, if there’s a correlation between my last post named “Brutal truth about cryptocurrencies” and the market crash on the same day, then I apologise.

This wasn’t my plan. 😂

On Tuesday, the total market cap lost over 30 billion dollars in a matter of hours; Bitcoin dropped 15%, Ethereum over 20%, EOS 30% and many others with them.

Unfortunately, I can’t provide you with any right answer to why this happened.

However, I can share some interesting bits of the bloodbath.

A lot of people got hurt

$600M worth of positions got liquidated in Bitmex because of over-leveraged longs. $300M of it was in just one hour.

The last time we had so many liquidations within a day was 2018 Nov, when Bitcoin fell from 6k to 3k.

Source: https://sk3w.co

Messari was quick to crunch some numbers

Flash crash (?) on Binance

The price of Bitcoin touched $1800 on Binance for a second.

There’s no doubt that this market demands firm conviction from the investors. If you don’t have a strong confidence, you will be shaken out by the volatility.

For some, it was a nightmare (who held leveraged longs). For others, it was a great buying opportunity.

Su Zhu, CEO of Three Arrows Capital, concludes it well:

- Edgar