Another flash-crash for the cryptos
Yesterday the cryptocurrencies market crashed again. Or should I say they crashed it again? Because it didn’t crashed itself, isn’t it?
During the bloodbath Ether (the currency of the Ethereum network) sank to 3200$ and Bitcoin to $44.5k. There are some speculations that the flash crash was caused by the liquidation of overleveraged position by triggering stop orders. On the other hand some opinions in the market said that prices were driven towards the stop-loss levels by FUD news like: energy concerns, China miners crackdown, US regulators going over Coinbase, protests in El Salvador regarding Bitcoin status as legal tender, etc.
However Solana made impressive returns despite the meltdown and the sector showed weak signs of recovery immediately after that.
Disclaimer: I am long ETH and I don’t have plans to close existing positions or open new positions in the next 72 hours.