They f*cked people twice with flash crashes. It's pure gambling to continue trading with them.
Finex charts should be ignored. Their recent "low" is artificial and was caused by system glitch.
No, it wasn't a glitch at all, unless you think a) the order book is fake and/or b) the swap numbers provided by Bitfinex are fake. Because outstanding USD swaps diverged from price in the $290-310 range, so net longs were increasing steadily while price was dropping. I took note of the seller dropping 10k+ sells into the $250 level and pulled all my bids, as I feared he was trying to trigger a cascade.
So we added $6 million USD longs while price was falling. That's HUGE fuel for a selloff. This divergent trend generally held true until the $250 level broke. This was a huge stop loss level (evidenced surely by all the chartists that expected a strong reversal at the $250-255 level -- myself included). The book was thin and stops ran into stops. The rest is history. Once the $220 level was broken, anyone fully leveraged long from $290-310+ started getting margin called. Thin book, margin calls cascade into margin calls.
Not a glitch at all, and to be expected.
