Yes it was the false Arkham alert. Basically saying that the USG and MtGox coins are being dumped on the markets. And it’s pretty crazy how it happened so far. I saw the chart and assumed maybe Binance got hacked or something to pull this off.
Then a few minutes later it was a false alarm and the market pretty much rallied back. However if you look at the OI something like 15% of all positions were wiped in that move. Most longs are liquidated and we might head up from here.
Topic: Thinking about what caused the flash crash? - page 2. (Read 238 times)
@Stedsm. According to some people in social media, it is being blamed on the fake alert from Arkham Intelligence. The alert had the information that the American government has begun dumping the coins from the Mtgox hack. We cannot be certain if this caused the flash crash, however, the dump occured 6 minutes before Arkham Intelligence's fake alert. Head shaking because a whale can short sell on the pump, leak the fake alert then have the fake alert released by Arkham Intelligence. Am I being too skeptical? I might be but after FTX, after Luna, after 3AC, we can assume that anything is very much possible with the hustlers of the cryptospace.
It seemed to me like it was just traders trying to get ahead of the MtGox situation. Whatever it was, it seems like that volume was swallowed up by buyers as it has nearly recovered all the way back to $30K. That shows there is still a ton of demand for Bitcoin at these levels so I wouldn’t call an end to this rally just yet.
And checking the price right now? it bounce back beautifully to $29k and I wouldn't be surprised that we might see $20k at the end of the month. Maybe there is some entities who likely wants to manipulate the price to crash and then there are traders who just fall for it and push the sell button, hence the nosedived to $28k.So overnight, it's going back and forth, and as you have said, the demands are still there, very high despite the market acting weird in the last 24 hours.
And it's interesting to follow this news:
Quote
First Republic Bank's (FRC.N) market value plunged again on Wednesday as investors waited to see if it would be able to find buyers for assets and engineer a turnaround without government support.
In a brutal sell-off, the bank's market capitalization briefly sank as much as 41% to about $888 million and the first time under $1 billion, a far cry from its peak of more than $40 billion in November 2021. It closed around $1.1 billion.
In a brutal sell-off, the bank's market capitalization briefly sank as much as 41% to about $888 million and the first time under $1 billion, a far cry from its peak of more than $40 billion in November 2021. It closed around $1.1 billion.
https://www.reuters.com/business/finance/first-republic-bank-shares-plummet-day-after-hitting-record-low-2023-04-26/
It's interesting because of bitcoin's narrative, and we might see more investors putting their money on the market because of the continuing banking crisis.
It seemed to me like it was just traders trying to get ahead of the MtGox situation. Whatever it was, it seems like that volume was swallowed up by buyers as it has nearly recovered all the way back to $30K. That shows there is still a ton of demand for Bitcoin at these levels so I wouldn’t call an end to this rally just yet.
Its interesting action and very volatile but I dont take it too seriously in terms of a wider direction, mostly its true since year start we have been bullish. Nothing has changed my mind on that so far, a flat line on this weeks trade could have been taken as a negative this flash up/down move isnt imo. As always BTC is volatile is basically the reason why alot of people get frightened off but why anyone on this forum should be more optimistic knowing its not really out of line with what we've already seen occur even during positive years.
Fast up and fast down explains it mostly, speculators will front run any possibility to trade towards 30k and it was already a possible price objective after a fairly full pullback to the 50 day moving average. The details of Mt.gox or similar flows just enables selling but people fast or day trading will always cash out their leveraged trade to avoid losing their profits.
Fast up and fast down explains it mostly, speculators will front run any possibility to trade towards 30k and it was already a possible price objective after a fairly full pullback to the 50 day moving average. The details of Mt.gox or similar flows just enables selling but people fast or day trading will always cash out their leveraged trade to avoid losing their profits.
According to https://blockchair.com/bitcoin/address/1FeexV6bAHb8ybZjqQMjJrcCrHGW9sb6uF
There has only been frequent deposits into the Mt. Gox address, and no spending has been made on that address, unless I read it wrong. In the last few hours, the market was really recovering real quick, which made me think it was part of a price correction and that it was just the
beginning, and we might see more of the green market.
There is definitely something else behind this price movement today; the price moved from 27k to 30k and is now back to 28k+, which I believe we might see again this night.
Maybe this could be a result of the tax month coming to an end, according to Franky1 calculation.
The bitcoin market might experience more dumps if that address actually starts selling those holdings, which will result in another panic, which caused a similar panic when the Fed gave an order to liquidate the 50,000 from a few weeks ago.
There has only been frequent deposits into the Mt. Gox address, and no spending has been made on that address, unless I read it wrong. In the last few hours, the market was really recovering real quick, which made me think it was part of a price correction and that it was just the
beginning, and we might see more of the green market.
There is definitely something else behind this price movement today; the price moved from 27k to 30k and is now back to 28k+, which I believe we might see again this night.
Maybe this could be a result of the tax month coming to an end, according to Franky1 calculation.
The bitcoin market might experience more dumps if that address actually starts selling those holdings, which will result in another panic, which caused a similar panic when the Fed gave an order to liquidate the 50,000 from a few weeks ago.
I guess I've got the reason to this question.
What happened?
BTC crashed right from $30k to ~$27200 and many traders got liquidated in just a matter of hours (mostly the recent 2 hours during which the dump took place).
When?
April 26, 2023
https://www.blockchain.com/explorer/addresses/btc/1FeexV6bAHb8ybZjqQMjJrcCrHGW9sb6uF
The wallet of the Mt. Gox hacker ☝️
Please see into it, it has been transacting big since last week and it looks like this wallet, being under the possession of US Government or Mt Gox itself, has now been moving the funds.
Either this caused panic, or they sent the coins to some of the traders who lost their btc during the hack, and the traders might be causing this dump.
One more thing to watch for:
DXY moving upwards will be the continuation for BTC to dump more.
What happened?
BTC crashed right from $30k to ~$27200 and many traders got liquidated in just a matter of hours (mostly the recent 2 hours during which the dump took place).
When?
April 26, 2023
https://www.blockchain.com/explorer/addresses/btc/1FeexV6bAHb8ybZjqQMjJrcCrHGW9sb6uF
The wallet of the Mt. Gox hacker ☝️
Please see into it, it has been transacting big since last week and it looks like this wallet, being under the possession of US Government or Mt Gox itself, has now been moving the funds.
Either this caused panic, or they sent the coins to some of the traders who lost their btc during the hack, and the traders might be causing this dump.
One more thing to watch for:
DXY moving upwards will be the continuation for BTC to dump more.
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