On Tuesday, September 24, the price of bitcoin at high volumes fell from $ 9400 to $ 8070. At the same time, quotes fell by $ 1,400 in less than two hours – from 18:00 to 20:00 UTC. Losses of some altcoins at this moment reached 30-50%.
For the first time since mid-June, Bitcoin dropped below $ 9,000 and is currently trading at around $ 8,500 at the time of writing.
BTC / USD , TradingView data
As a result of the collapse, the amount of open positions on the BitMEX bitcoin exchange fell by almost $ 200 million in just a few hours. The last time such values were recorded during a lightning fall on May 17 .
Last time when Bitmex OI dropped almost $ 200M in a few hours was the 5/17 Bitstamp flash crash
This time any specific trigger at all? pic.twitter.com/Kj9486BX5K
– Dovey Wan ? ? (@DoveyWan) September 24, 2019
At the same time, long positions at $ 640 million were liquidated at BitMEX.
Delta.Exchange Data
Traders also recorded a huge spread between BitMEX and Coinbase quotes. At one point, it reached $ 600.
Wild $ 600 wide spreads between Bitmex and Coinbase.
$ 8150 vs $ 8750
– Alex Krüger (@krugermacro) September 24, 2019
During the collapse, an unknown player made massive purchases at Coinbase, as can be seen in the chart below.
pic.twitter.com/aFZWmseYcq
– hodlonaut?⚡? (@hodlonaut) September 24, 2019
Trading volumes on Binance Futures over the past day amounted to $ 700 million, and on the spot – $ 800 million. The Chicago Mercantile Exchange (CME) showed similar indicators.
. @binance Futures trading volume exceeds spot BTC volume at times. Last 24hr was $ 700m Futures vs $ 800m spot. Talk about demand and fast-up take.
The product also handled the large volatility with no significant issues. First live test. https://t.co/S2HSsaA9TX
– CZ Binance (@cz_binance) September 25, 2019
Bitcoin critic Peter Schiff has already predicted the asset will fall further to $ 4,000 and below, and his opponent Anthony Pompliano said he bought it in the fall.
#Bitcoin has finally broken below the support line of the large descending triangle it has been carving out for months. This is a very a bearish technical pattern, and it confirms that a major top has been established. The risk is high for a rapid decent down to $ 4,000 or lower!
– Peter Schiff (@PeterSchiff) September 24, 2019
I bought more Bitcoin today ??
– Pomp ? (@APompliano) September 24, 2019
“Short-term price spikes in bitcoin do not affect the long-term picture,” Pompliano summed up.
The hashrate of the first cryptocurrency network, which fell 30% the day before, reached 92.8 EH / s on Wednesday, September 25.
Blockchain.com Data
Some users suggested that Bitmain could temporarily disable new ASIC devices for sale to a large client, but no one has officially confirmed this version.
Speculation that new miners were taken offline to be sold
– tbbs (@t_b_b_s) September 24, 2019
The leaders of the fall in the TOP 10 were Bitcoin Cash, Bitcoin SV and EOS. They collapsed by more than 20%. At some point, BSV dropped by more than 30%, and another fork of Bitcoin Gold – by 50%.
If you're having a bad time, please check the $ BSV price …. take reassurance knowing that CSW and Calvin are having a worse day pic.twitter.com/672ichojck
– Alistair Milne (@alistairmilne) September 24, 2019
"If you have a bad day, then check the price of BSV and make sure Craig Wright has a worse day."
The general market situation at the time of writing is as follows:
Coin360 data
According to Messari, bitcoin fell 70 times more than 10% during the day. This is 2.4% of all days since August 1, 2011.
While bitcoin $ BTC is down well into double digits, similar losses occurred throughout its history. 70 different times bitcoin has fallen more than 10% representing 2.4% of total days over the last eight years (since August 1, 2011). https://t.co/J5LfMeYh9F pic.twitter.com/kmkNaeECT9
– Messari (@MessariCrypto) September 24, 2019
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