Lucky Buyers Possibly Bag $8K Bitcoin During Early Morning Flash Crash
21 Ottobre 2021 - 10:00PM
NEWSBTC
Highly volatile cryptocurrencies like Bitcoin, Ethereum, and other
altcoins can behave irrationally at any given moment, especially
when turbulence strikes. But what happened this morning on the US
branch of Binance, was shocking for even those who have seen flash
crashes happen in real time. The result of a massive wick left on
the BTCUSD chart was a violent trip to $8,000 where coins were
potentially exchanged for prices that are currently 87% lower than
where Bitcoin is trading at right now. Here is a closer look at
what went down, and what might have happened as a result. Flash
Crash On Binance US Takes BTC Back To $8,200 If you’ve been in
crypto for some time, chances are you’ve heard some horror stories.
Other users have lost funds due to hacks, sent funds to the wrong
address, or worse. What few ever experience, however, is getting
caught up in a flash crash. Related Reading | Bitcoin Price Sets
New All-Time High Above $65,000 We don’t mean a particular strong
selloff, but a “flash crash” that sends the price of an asset
diving so deep, it can often bring them back to close to zero.
While this morning Bitcoin price didn’t fall back to nothing, it
did get a digit knocked off its price tag, and about 87% of the
value per coin, according to the Binance US BTCUSD price chart. The
wick left behind on Binance US reached August 2020 levels | Source:
BTCUSD on TradingView.com The flash crash took the cost per BTC
back to pre-bull market breakout levels from back in August 2020.
It also was roughly an 87% fall from current prices, which was a
larger drawdown percentage wise than the bear market from $20,000
to $3,200 at the low. Bloody Bitcoin Wick Leaves Shock And Awe
Behind The hourly chart below is a better demonstration of how
ridiculous the wick looked on lower timeframes as it was happening.
The wick reached as low as around $8,200. The hourly chart shows
how deadline the wick was | Source: BTCUSD on TradingView.com Any
lucky Binance US users with a limit order ready to go could have
gotten filled during the madness, which also means that some poor
pleb could have sold their coins at a cost of $8,200 –
significantly lower than the current price per Bitcoin, which just
yesterday reached a new all-time high. Related Reading | Bitcoin
Price Prepares To Blast Off Back Into RSI “Bull Zone” In the past,
assets like Chainlink and even Ethereum have flash crashed down to
nearly zero. Keeping orders ready on an exchange can take advantage
of situations like the above. But these rare events aren’t
predictable and can strike at any moment. So which legend bought
$BTC at $8000 today? — Simon Dedic (@scoinaldo) October 21, 2021
Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC
Telegram for exclusive daily market insights and technical analysis
education. Please note: Content is educational and should not
be considered investment advice. Featured image from
iStockPhoto, Charts from TradingView.com
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