The crypto market has seen a return to brutal and fundamentally unjustified volatility. As Saturday night approached in the western hemisphere and Asia was preparing for a new day, the first cryptocurrency began to rise steeply. Fall from $ 9550 to $ 8100 in seven minutes. At that point, the coin had lost more than 15% of its value. At the time of writing, BTC / USD has recovered to $ 8,700, but the market remains nervous and bearish.
The rest of the coins also hurried to Bitcoin./ USD fell to $ 0.2000, testing a low of around $ 0.1780; ETH / USD hit $ 180. Now the second largest currency on the crypto market is trading at $ 187. As a result of the flash crisis, the capitalization of the digital asset market decreased by more than $ 30 billion to $ 235 billion. The average daily trading volume reached $ 190 billion.
Coinbase failed again
The Coinbase stock exchange malfunctioned again during a strong price movement. The American market trading platform was unavailable for about 40 minutes. The platform has currently been restored, but sending ETH and all standard ERC-20 tokens is delayed due to network congestion.
The angry comments on social networks didn’t last long. The users accused the stock exchange of not being prepared for strong price fluctuations and falling every time the market started to move.
“Every time a Bitcoin moves, it“ crashes ”. If the car’s airbags had not been activated in an accident at 70 km / h, the authorities would probably have already started investigating the manufacturers. Your product doesn’t work with massive price movements, so Americans lose millions of dollars, “writes user @ VidsbyX3.
It is the fault of the crypto whales
If the market suddenly falls sharply without objective fundamental reasons, it means that someone is moving the price with the help of large transactions. In other words, in all incomprehensible situations, it is common to accuse the whales that are creating a big wave in the market for their movements. This time, traders have also found a whale’s trail.
After the service WhaleTrades About half an hour before the price drop, someone sold Bitcoin worth $ 2,685,542 in BitMEX for the XBT / USD pair.
The decline triggered a predictable response from market participants. Nouriel Roubini, professor of economics at New York University and well-known critic of Bitcoin, did not miss the opportunity to brand Bitcoin again as a fraudulent program. And BlockFi director Zack Prince complained that he didn’t have time to buy the cryptocurrency in his fund.
In general, everything is the same: whatever happens to BTC, Bitcoiners are happy and critics suppress it. Since halving tomorrow may occur, the high volatility of the market will continue in the near future.
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