Cryptocurrency

Top crypto-Analyst, believes that Bitcoin has seen its “final surrender” now

The global markets were recently exposed to an unprecedented meltdown, which has affected especially in the crypto markets. Bitcoin and many major Altcoins have recorded the biggest daily losses in its history.
This extraordinary price action is not a surprise to investors and led to a cascade of liquidations on BitMEX, the continued the sell – off continued-the buyers were able to absorb the massive selling pressure that began with the Momentum of the bears.
Although BTC is recovering again, it must not be forgotten that the BitMEX-order book eviscerated – and this has caused a Economists warning that further price falls could face.

Top Analyst: Bitcoin has seen its “final capitulation”

The kapitulier the end of the sell-off of Bitcoin was the Cryptocurrency of a 48-hour High of $ 8,000 to a Low in the middle area of 3,000 dollars, where the bulls collected finally enough buying pressure to push BTC higher.
Interestingly, came the upswing at this level at the exact Moment, as BitMEX due to “Hardware problems” went offline due to what has prompted many analysts to the drastic nature of the decline to the flood of liquidations, which were observed on the platform.
DonAlt, a prominent crypto-currency Analyst, said the decline in the Benchmark crypto-currency of a $ 10,000 advance, commented that this most recent step means, in his opinion, “the final surrender”.

“The people speak here out of a ‘final capitulation’, while we are fallen, because of cascading liquidations over night to almost Zero. If yesterday, there was ever a final capitulation, then it was.“

This seems to indicate that the recent lows are a long-term low point in the coming weeks and months, either accumulation or further upward movements will be followed.

The thin BitMEX-order book points to massive volatility in the crypto market

Alex Krueger, an economist who primarily focuses on crypto-currencies, The BitMEX-the order book is now full with orders under $ 100,000, which represented a massive change compared to the millions of jobs that were filled before the books.

“This is the book of Bitmex. There are usually strong orders (in the millions) at the top of the book. Check it out now at: of 57,000 and 90,000. Look how the price jumps around. These are very large swings in a few minutes.“

It seems that yesterday’s meltdown wiped out a considerable number of traders on the platform and both Market Maker as a liquidity provider quenched, so that the entire crypto market is threatened in the coming days of massive volatility.

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.