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Bitcoin Price Flash Crashed 87% to $8200 on Binance US

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Several flash crashes occurred in the crypto markets today, with the most considerable one being BTC dropping to $8,200 on Binance.US.

After yesterday’s new all-time high at $67,000, bitcoin corrected today with a steep decline to below $64,000. On some exchanges, though, the crash was significantly more violent as BTC dropped as low as $54,000 on Kraken and to four digits on Binance.US.

  • October 20th was a historic day for the primary cryptocurrency as it finally skyrocketed above its previous all-time high and peaked at $67,000. It happened on the wings of the recently approved Bitcoin Futures ETF in the US.
  • After a brief correction hours later, BTC was closing down on its new record earlier today, when the situation rapidly changed.
  • In a matter of minutes, bitcoin went from $66,700 to $63,600 on most exchanges (including Bitstamp).
  • On others, though, such as Kraken and FTX, the price decline was significantly more severe.
  • In an apparent flash crash event, meaning the price of the asset dumped by a large percentage and spiked back up immediately, BTC went to a low of $58,500 on FTX.
  • On the veteran US trading venue, Kraken, bitcoin dumped all the way down to $54,100 before recovering to its current level of roughly $65,000.
  • However, none had it worse than Binance.US. The American branch of the largest crypto exchange saw BTC nosediving to $8,200 – a massive 87% drop in a matter of seconds.
BTC/USD on Binance US
BTC/USD on Binance US
  • Overall, the entire market retraced in a matter of minutes. Ethereum was closing down on its own ATH at $4,400 before losing more than $200.
  • Somewhat expectedly, the enhanced volatility in a short period of time caused pain for overleveraged traders. Data from Bybt shows that the liquidations have jumped to $500 million on a 24-hour scale.
  • The largest single BTC liquidation order occurred on Bitmex and was worth $10 million.

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Bitcoin Price

This Bitcoin price metric just hit ‘oversold’ for only the 7th time in 8 years

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A Bitcoin (BTC) price metric, which made BTC “look seriously cheap” at $56,000, is now in rare oversold territory.

In a tweet on Dec. 6, Philip Swift, creator of analytics platform LookIntoBitcoin, returned to potentially bullish signals coming from Bitcoin’s Advanced NVT Signal.

Advanced NVT deflates in Bitcoin price rout

Advanced NVT calculates whether Bitcoin is overbought or oversold at a certain price point, using market capitalization and network volume.

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In late November, when BTC/USD had already fallen to $56,000, Swift suggested that a bounce was due.

The metric subsequently continued to fall in line with spot price thanks to last Friday’s liquidation cascade. A possible plus, however, lies in the return of “oversold” cues from NVT — something which has only occurred six times since 2015.

“A lot of fear in the market currently, which makes me bullish. Lots of indicators suggest we are near a bottom,” he said.

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“Advanced NVT Signal looks at price relative to onchain transactions. It has only been this oversold a few times before, each time resulting in a strong bounce.”

Bitcoin advanced NVT signal annotated chart. Source: Philip Swift/Twitter

The strength of such a bounce nonetheless may have already faded, with Bitcoin reversing after around 6% overnight gains to $51,500 on Bitstamp.

Trader to BTC buyers: Wait a week to “avoid chop”

At press time, $51,000 formed a focus amid heavy indications from commentators that fresh downside could soon enter.

“Buy in low to mid 40’s. Not get trapped,” trader and analyst Pentoshi advised Twitter followers.

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As Cointelegraph reported Monday, meanwhile, there are plenty of reasons to separate spot price action from underlying strength in Bitcoin.

Among them is the all-time high hash rate, along with a broad lack of selling. Smaller hodlers, by contrast, have been adding to their positions throughout the past week.

Only whales appear to be hedging their bets, as evidenced by exchange flow data.

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Bitcoin Price Rise From the Ashes! Why Should You Buy BTC Below $53K?

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Protagonists and analysts across the crypto market acknowledge that HODLers, especially long-term holders likely be the recipients of prospective Bitcoin price moves ahead. On Tuesday,  increased bets on buying the dip have gradually uplifted the wider crypto space. Notably, the top cryptocurrencies of the space quickly restored their momentum. However, as the majority of the altcoins forfeited their gains, cash-flow tunes in for BTC price action. 

On the other hand, the crypto analyst The Wold Of All Streets shared his view on the current market scenario. He is optimistic about the BTC bull run if the price manages to break above $53k. In case of a bearish move, the price would heavily plunge to $28k if it fails to gain strength around $42k. 

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A crypto metric platform Santiment confirms the huge whale accumulation in a recent price drop. While Bitcoin price plunged to its multi-month low of $43.5k, retail whales holding between 10k to 100k BTC accumulated a record high of 67k more Bitcoin in just 3 days after the market crash. However, the investment move strives to prove the primary coin as a less risky asset. On the other hand, these whales would quickly liquidate in terms of any uncertainties, hence it is mandatory to do thorough research before investing. 

Collectively, Bitcoin price is hopeful of an incredible rally ahead. Analyst Dylan Leclair is likely to be pretty much convinced with the bull market ahead. The chart shown by him hints at a probable steep uptrend in the next couple of weeks. As December holds a high probability of massive leg up, the flagship asset would claim a new ATH. However, short-term holders and newbies are advised to be cautious of uncertainties such as market crashes or whale manipulations.

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Bitcoin Price Flash Crashed to $28.8K on Huobi: Over $2.5B Total Liquidations in 24 Hours

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While bitcoin dumped to $42,000 on most exchanges, Huobi saw a more substantial drop as BTC went below $30,000.

A flash crash transpired on Huobi as BTC went all the way down to $28,800 before recovering just as sharply. At the same time, the liquidations are well above $2.5 trillion on a daily scale as the entire market is deep in the red.

  • As reported earlier, bitcoin, and the entire cryptocurrency market, went through one of its worst crashes in recent history. BTC plummeted by $16,000 in a day from around $58,000 to an intraday low of $42,000 on Bitstamp and most exchanges.
  • However, other trading venues saw even more dramatic price drops. Such was the case with the BTC/USDC trading pair on Huobi, where bitcoin dropped all the way down to $28,801, as the picture below shows.
BTC/USDC on Huobi. Source: TradingView
BTC/USDC on Huobi. Source: TradingView
  • Such events are known as flash crashes, in which the price of the underlying asset drops significantly lower on one (or more) exchanges compared to most and recovers immediately.
  • As it happened in previous times that CryptoPotato reported, the price of BTC recovered just as quickly as it fell.
  • Separately, the aforementioned market dump, which caused massive double-digit price nosedives for almost all coins, resulted in severe pain for leveraged traders.
  • According to data from CoinGlass (formerly known as Bybt), the total liquidations are above $2.5 billion on a daily scale. In the past 4 hours alone, the liquidations are over $1.5 billion.
  • The number of traders liquidated is just shy of 400,000, and the largest single liquidation order was worth $28 million and transpired on Bitfinex.
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