Excessive encryption dealers were liquidated by nearly two billion dollars in one of the largest market disposals in the year, while some analysts blame technical factors instead of weakening the basics of the market.
More than 370,000 traders have been filtered to $ 1.8 billion over the past 24 hours, according to data from Coinglass.
Most of these situations were a bet on ether and bitcoin, while Altcoins was also removed in all areas.
The ranking came at a time when the market value of encryption decreased by more than 150 billion dollars, as it decreased to its lowest level in the two weeks at 3.95 trillion dollars, as Bitcoin decreased to less than $ 112,000 on Coinbase and ETHER (ETH) less than $ 4,150, the most important since mid -August.
Dust seems to have settled now, as major assets find temporary support, but there may be more pain that can come if the previous September corrections may pass anything.
Excessive encryption traders: the same story, nothing new
The founder of the real vision, Raul Pal, said that the same thing happens all the time, adding, “The encryption market focuses on great outbreak, and it is sponsored for a long time, as it fails in the first attempt, until everyone is liquidated … only then the actual collapse occurs, which leaves everyone abandoned.”
Related to: The biggest long liquidation for this year: 5 things to know in Bitcoin this week
Coinglass reported that it was the largest long -term liquidation event for this year. There were similar liquidation events in late February, early April and early August, when immediate markets threw hundreds of billions over a very short period.
Others blame the financial leverage
The researcher “Taurus theory” blamed the great flow of “excessive imbalance” in Altcoin's leverage compared to Bitcoin. The references for ETHER reached $ 500 million, more than one of those in Bitcoin's long sites.
“When altcoin gets this maximum, the market does not ignore it. A sharp move at the bottom raises the successive references. Thus expels the weak hands and reset the plate.”
Nassar Akhkkar, chief strategy official at Coinw Exchange, said that Flushout “may make a near -term adjustment instead of a transformation in a long -term structural bull race, as future mitigation path continues to support assets like Bitcoin.”
A possible decline in the support area
Meanwhile, IG Tony Sycamore Cointelegraph told Bitcoin that Bitcoin was not linked to technology or gold recently, but it might be “to a large extent to technical factors and needs more time to correct its stellar gains to a height of 125 thousand dollars in August during the past 12 months and to continue working to work over reading.”
Technically, the decline again to the subsidy area of 105/100 thousand dollars, which includes the moving average for 200 days at 103,700 dollars, is logical. This will lead to some weakest hands and Johnny comes recently-and I believe that creating a pleasant purchase opportunity to run at the end of the year. “
Bitcoin was only 13 % in early September since its peak in mid -August. The current decrease from the highest level ever reaches 9.5 % despite the defeat of this week, which is shallow compared to the withdrawal of the previous bull market.
BTC has decreased on the 8th of the past 13 months of September, but it still reaches about 4 % so far this month. It was much better in “Uptober”.
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