I was awake last night watching the price action unfold as Bitcoin broke through several key supports to land as low as 3600 on Bitmex. Now Mex is one of the biggest names in Bitcoin futures trading and had a few issues during the crash.
The crash is the biggest in the timeline of cryptocurrencies and the craziest PA (price action) i've ever witnessed. It was a good day for shorting the market for sure.
Anyway, if you look at the screenshot of the order book from the time when btc bottomed out under 4K, the orderbooks were super thin on the buy side and the sell side was insanely higher driving the prices down.
The long side liquidations are said to be near 1$ billion in a trading day.
I hope some of you caught the bottom on the trade and we can hope that BTC calls it a day with its dumping and the market forces drive it back over 6K and then eventually higher.
Would've sucked if Bitmex circuit breaker and freeze hadn't happened as it would've taken only 20 million or so in market sells to drive the price down to 0. I can only imagine what it would be to be amongst those who move the markets and catch a long at such low prices.
While we're on the topic of dumping, Link also touched 1 cent or so. But as far as public sentiment goes, these moves would've shaken out so many people and rekt their confidence in the market. Cryptos are not safe haven yet, far from it in fact. So invest only that you are willing to lose and if you trade on margin exchanges be careful.