There’s just one word for the crypto market today: down.
The main driver was a weekend flash crash that wiped out highly leveraged bulls en masse, compounded by three pressures: “ETF outflows + expectations of tighter regulation after the U.S. elections + fallout from the Binance hack.”
Before the daily/weekly close, BTC briefly flash-crashed to $73,510–$73,708, its lowest level since August, then rebounded and traded in a range of $74,200–$75,800. It never managed to hold above $76,000.
ETH was weaker still, dropping 7.3% in 15 minutes to hit $2,060. The ETH/BTC exchange rate flash-crashed 4.22%, its lowest level since September.
Liquidations were the day’s main event: estimates of total crypto liquidations over 24 hours ranged from $850 million to over $1.2 billion. Around 90% were long positions, and more than 140,000 traders were liquidated.
The largest single liquidation was a long position worth about $36.9 million, taken out near $73,721. The Fear and Greed Index stood at 29, remaining in “Fear” territory for three consecutive days.
Technicians are watching two levels: the broken short-term holder cost basis at $75,700, and the $76,000 hurdle for a rebound. If these levels fail to hold, the $70,000 mark will be treated as the next line of defense.$BTC $ETH #AI芯片股重挫纳指周跌3.4% #比特币连续五周下跌
The main driver was a weekend flash crash that wiped out highly leveraged bulls en masse, compounded by three pressures: “ETF outflows + expectations of tighter regulation after the U.S. elections + fallout from the Binance hack.”
Before the daily/weekly close, BTC briefly flash-crashed to $73,510–$73,708, its lowest level since August, then rebounded and traded in a range of $74,200–$75,800. It never managed to hold above $76,000.
ETH was weaker still, dropping 7.3% in 15 minutes to hit $2,060. The ETH/BTC exchange rate flash-crashed 4.22%, its lowest level since September.
Liquidations were the day’s main event: estimates of total crypto liquidations over 24 hours ranged from $850 million to over $1.2 billion. Around 90% were long positions, and more than 140,000 traders were liquidated.
The largest single liquidation was a long position worth about $36.9 million, taken out near $73,721. The Fear and Greed Index stood at 29, remaining in “Fear” territory for three consecutive days.
Technicians are watching two levels: the broken short-term holder cost basis at $75,700, and the $76,000 hurdle for a rebound. If these levels fail to hold, the $70,000 mark will be treated as the next line of defense.$BTC $ETH #AI芯片股重挫纳指周跌3.4% #比特币连续五周下跌
