Bitcoin dives to $6,000 within 60 minutes
In the midst of the global COVID-19 pandemic, the crypto market plunges over 20% in less than an hour. Bitcoin closed the daily candle last night above $7,900. At 10:00AM (UTC) the asset dropped from $7,300 to under $6,000 within the hour. The more volatile Altcoins saw a larger downside move, Ether on its own dropped form $168 towards $130 within that same time period.
[caption id="attachment_14934" align="aligncenter" width="2880"]
Source: COIN360[/caption]
Black Swan
This major event is often referred to as a “Black Swan” a term that was made popular by Wall Street trader Nassim Nicholas Taleb. It is defined as a catastrophic, important and unpredictable event. With that being said, that knowledge should push investors to always keep black swans as an open possibility and plan accordingly.
The second largest cryptocurrency by market capitalisation took a 30% hit during this recent downturn, keeping it at a 50% lower level than its recent top in February 2020. XRP on the other hand, printed multi-year lows at $0.14.
Exchanges Stress-TestedThis event brought on major volumes to the exchanges and apparently pressuring their systems more than any bull-run or past date as Binance's CEO, Changpeng Zhao stated in his latest tweet.
Bloodbath day.
🔶spot depth push experienced some delays, fixed 🔶futures UI 500 errors for a few minutes, fixed 🔶some futures ADL and margin calls, no cyclic crashes.Overall 5x system load than all previous peaks. Holding up so far, monitoring all systems.
— CZ Binance 🔶🔶🔶 (@cz_binance) March 12, 2020
On BitMEX, the most liquid crypto-derivatives exchange, over $500 million worth of positions were liquidated.
[caption id="attachment_14938" align="aligncenter" width="1200"]
Source: Skew.com[/caption]
Capitulation
It is well know in financial markets that the points of maximum pain are the levels of maximum financial opportunity. The level of fear and panic in the market has reached its lowest point for 5-months.
Additionally, this sentiment is shared with legacy markets that have took a massive hit due to COVID-19. While the situation is allegedly improving in the originating country, China, it seems to be worsening everywhere else. If indeed the rest of world follows in the footsteps of China, legacy markets will see a significant relief which may reflect positively on the cryptocurrency market.
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