For those who may be wondering why crypto can flash crash so quick in mere minutes like we saw 2 days ago. When we get a build up of leveraged longs on exchanges coupled with thin liquidity it presents an opportunity for whales to dump on the the market causing a cascade of liquidations. Each liquidation and stop-loss that gets triggered causes more coins to get dumped causing a deeper, quicker drawback. Same thing happened in May this year. This is one of the downsides of having derivatives (such as futures and ETF's) in crypto. Making crypto much more volatile than it ought to be which is far from ideal. Rest-assured that another flash crash straight after one is far more unlikely due to the leveraged longs having been flushed out and we essentially get a 're-set'.
Of course the diehard hodlers are completely unfazed by these dips because they know the future unit of account will be measured in BTC so the ability of picking up some extra satoshis on sale is never a bad thing.
Looks like a new ATH this year is very unlikely but I'd be willing to bet we haven't seen the top for this market cycle. My guess Q1 or Q2 of 2022. Thoughts?
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STOPTo support your work, I also upvoted your post!
Check out the last post from @hivebuzz:
Thanks for the delegation to Psyber-X, looking at your wallet those daily dividends stack up if you don't check it often eh
They stack up quick even when u do check em haha. Appreciate all the work u do to bring Psyber X to the masses
Thanks, its a team effort! Content is coming out of the studio showing gameplay and awesome design work so just a matter of time now...