Yesterday’s slump directed by whales? Over $ 330 billion has been wiped out! – Cryptomagazine

If you are tracking the market with cryptomenami, so you probably didn’t miss the fall yesterday, or the so – called. “flash crash”. Approximately was discarded within two hours $ 330 billion.

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The market experienced a real shock

Yesterday’s slump affected virtually every single one cryptocurrencies. According to CoinMarketCap, we have witnessed the liquidation of $ 330 billion, with market capitalization alone falling to $ 1.95 trillion. Subsequently, however, a rapid recovery came to about $ 2.12 trillion. The overall downturn began as otherwise with Bitcoinwhich fell from $ 52,000 to $ 44,000.

What could have caused the collapse?

What, or who specifically caused this slump is debatable. Several traders and analysts believe that we have simply gotten into a position where whales were closing their longs. Some believe that the decline was caused by the official launch BTC in El Salvador.

However, an important thing needs to be mentioned. Such sudden falls can be positive in some respects. The market will be cleared before further potential growth.

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El Salvador officially runs with Bitcoin

Yesterday’s decline Bitcoin and the whole cryptomen market was used by the aforementioned El Salvador. President Nayib Bukele boasted that they had used the spill to buy 150 BTC.

Buying the dip ?

150 new coins added.#BitcoinDay #BTC??

– Nayib Bukele ?? (@nayibbukele) September 7, 2021

Also read: Historic moment for Bitcoin! El Salvador bought 400 Bitcoins

So whether yesterday’s crash damaged Bitcoin or not, one thing is clear. Bitcoin he did not lose strength and his journey of returning to an all-time high may continue.

Hitesh Malviya, the founder of itsblockchain.com portal, also commented on the situation:

“I’m still trying to figure out what really happened. Mass liquidation across the market. It reminds me of the historic slump of March 2020. Next time, think twice before opening a leverage shop. However, Bitcoin is still in a bullish trend, as long as it stays above $ 43,000, we can bounce back. ”

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Disclaimer: This article is for information purposes only and should not be construed as investment advice. Markets are unpredictable and without sufficient knowledge, trading is a gamble. We are not responsible for any losses. Market movements are difficult to predict, so we recommend considering the risk of trading on the stock exchange.