Crypto investors who climbed high above Bitcoin's $ 8,000 increase this week were rude awakening as the only order to sell sent prices up to 13 percent.
The deal, which took place on May 17 at 2:00 UTC, sent Bitcoin prices from $ 7785 to $ 6775 in less than an hour.
Talking with Yahoo! EToro's financial analyst, Simon Peters, explains that "Bitcoin's beeping seemed to have been caused by a substantial sale order that Bitstamp posted earlier this morning, causing sales in other exchanges."
Bitstamp confirmed the transaction in a series of tweets, noting that an immediate investigation of the matter is under way.
1/2: A large sales order was executed on our BTC / USD pair today, which has a strong impact on the order book. Our system behaves as it is designed, processing and executing the customer's order as received.
– Bitstamp (@Bitstamp) May 17, 2019
2/2: We carefully examine every event that causes a massive movement in our order book and we started an instant investigation of the case.
– Bitstamp (@Bitstamp) May 17, 2019
Bid by Bitcoin's anonymous kit, it is believed that the sale order is about 5,000 batons, which at the time of the sale would cost approximately $ 38.6 million.
At that time, it was not known whether the sale was deliberate disposal or fatty consumer error on the part of the seller.
It seems Bitcoin has regained some lost positions after the fall and is currently traded around
They do not buy a fairytale for whales
While much of the Cripp community is buzzing with the transaction, not everyone puts the blame on the Bitcoin Kit's feet.
As a result of Bitcoin's upgrading in the past month and a half, where prices have risen more than two times, analysts have predicted a downward trend will be needed to enable the cryptoblock to resume its climb.
I'm talking about a 30% withdrawal even at a break of $ 8,000 because I want people to be prepared!
I really believe that this is the last time that these prices have accumulated #BTC take off
– Crypto Capital Venture ⚡ (@cryptorecruitr) May 17, 2019
Expected withdrawal. This is very positive for the continuation of the upward trend. Market Will #HODL strongly with slow transition to $ ALT levelsWe must begin to see a great movement everywhere $ BTC will lose some domination at any moment. The next wave will be a blast #parabolic move! 👩🚀🚀🌚🔥
– WHITE NEWS (@bitcoin_whales) May 17, 2019
Peter's eToro analyst, Matty Greenspan, seems to agree.
"The level of retreat, as well as this writing, is actually perfect. Until now, the top cryptoscale devices have fallen by about 10 [percent] from their last peaks.
"If he stops shortly, he turns around and breaks significantly over the last tops, there is hardly any resistance to the $ 20,000 ranking," he writes.
Some, however, attribute Bitcoin's growth and the subsequent collapse of market manipulation.
Outstanding economist and trader Alex Krueger Shared on Twitter that he believed both the jump and the crash were "deliberately designed".
We can now put aside that nonsense narrative as a hedge for the American-Chinese trade wars. Moving up was created by a handful of parties, as well as this collapse. Not so sexy, I know.
– Alex Krueger (@krugermacro) May 17, 2019
As Bitcoin goes, it goes into the market
Bitcoin is not the only cryptoLight that has fallen overnight because all seven of the 100 CryptoLogies of CoinMarketCap are in red with numerous losses for the last 24 hours.
During the same one-hour window (02:00 – 0: 300 UTC), some of the top 20 altcoins recorded a drop of 8.5% on average:
- Bitcoin Cash (BCH): 393.03 to 360.47 (-8.28%)
- Pulse (XRP): 0.407805 to 0.380216 (-6.76)
- Ethereum (ETH): 255.38 to 236.05 (-7.56)
- Litecoin (LTC): 93.72 to 87.48 (-6.65)
- Binance Coin (BNB): 25.92 to 23.50 (-9.33)
- TRON (TRX): 0.028089 to 0.025368 (-9.68)
- Bitcoin SV (BSV): 62.43 to 55.67 (-10.82)
- Star (XLM): 0.132337 to 0.122028 (-7.78)
- Cardano (ADA): 0.085657 to 0.07379 (-9.66)
So far, market recovery seems to be slow, as many crypto-points continue to decline.
At the time of publication, the total market capitalization of crippolititis is currently at 222.61 billion dollars, which is a drop of nearly 15% of the high value since the beginning of the year to 263.82 billion dollars.