{"id":423488,"date":"2020-05-11T16:57:36","date_gmt":"2020-05-11T16:57:36","guid":{"rendered":"https:\/\/ktsl888.com\/?p=423488"},"modified":"2024-06-11T13:48:32","modified_gmt":"2024-06-11T13:48:32","slug":"bitcoin-crashes-to-8400-after-rallying-10-percent-liquidating-20-million","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-crashes-to-8400-after-rallying-10-percent-liquidating-20-million\/","title":{"rendered":"Bitcoin Crashes to $8,400 After Rallying 10%, Liquidating $20M: Halving Volatility"},"content":{"rendered":"

Bitcoin’s block reward halving may be just hours away, two hours away by most estimates, but that hasn’t stopped the price from dumping.<\/p>\n

The cryptocurrency just slid as low as $8,380 just minutes ago, visiting the levels it was trading at just 24 hours ago.<\/p>\n

This came after Bitcoin<\/a> rallied as high as $9,200 on Monday morning, seemingly responding to the hype around the imminent halving<\/a> and a Paul Tudor Jones CNBC segment on Bitcoin. This meant that BTC sustained a drop of 9%.<\/p>\n

\"Bitcoin
Bitcoin price chart of May 9 to today from TradingView.com<\/figcaption><\/figure>\n

Once again, some traders were caught off guard by this drop lower.<\/p>\n

As can be seen in the chart below from Skew.com,<\/a> approximately $20 million worth of BitMEX long positions were liquidated in this “flush” lower. This is far below the $230 million liquidated on Sunday, when BTC crashed from $9,700 to $8,100 within the span of an hour.<\/p>\n

\"Chart
Chart of Bitcoin liquidations from Skew.com<\/figcaption><\/figure>\n

According to Joe McCann, an AI and cloud specialist at Microsoft and a popular crypto trader, the funding rate seen when the price crash indicates that ~$8,380 was the bottom of that dump.<\/p>\n

Expect Volatility as Bitcoin Halving Plays Out<\/strong><\/h2>\n

This volatility is to be expected.<\/p>\n

One trader noted that we should “[expect] high volatility in both directions in May.\u201d<\/p>\n

This point was not expanded upon but during and around the times of previous halvings, the crypto market was subject to volatility from a short-term time frame.<\/p>\n

Below is a chart of Bitcoin\u2019s price action before, during, and after the 2016 halving. As can be seen, below, the crypto asset rallied strongly into the halving, sold-off by 15% two weeks out, flatlined, then crashed four weeks later by 30% in three days.<\/p>\n

\"Chart
Chart of Bitcoin\u2019s price action before, during, and after the last halving in 2016 from TradingView.com. The red line on the chart indicates when the halving took place.<\/figcaption><\/figure>\n

Although there is no guarantee the same scenario will play out again, the chance that there is both \u201cFOMO\u201d and a \u201cbuy the rumor, sell the news\u201d event after the halving is highly possible.<\/p>\n

Photo by\u00a0Bob Oh<\/a>\u00a0on\u00a0Unsplash<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin’s block reward halving may be just hours away, two hours away by most estimates, but that hasn’t stopped the price from dumping. The cryptocurrency just slid as low as $8,380 just minutes ago, visiting the levels it was trading at just 24 hours ago. This came after Bitcoin rallied as high as $9,200 on Monday morning, seemingly responding to the hype around the imminent halving and a Paul Tudor Jones CNBC segment on Bitcoin. This meant that BTC sustained a drop of 9%. Once again, some traders were caught off guard by this drop lower. As can be seen in the chart below from Skew.com, approximately $20 million worth of BitMEX long positions were liquidated in this “flush” lower. This is far below the $230 million liquidated on Sunday, when BTC crashed from $9,700 to $8,100 within the span of an hour. According to Joe McCann, an AI and cloud specialist at Microsoft and a popular crypto trader, the funding rate seen when the price crash indicates that ~$8,380 was the bottom of that dump. Expect Volatility as Bitcoin Halving Plays Out This volatility is to be expected. One trader noted that we should “[expect] high volatility in both directions in May.\u201d This point was not expanded upon but during and around the times of previous halvings, the crypto market was subject to volatility from a short-term time frame. Below is a chart of Bitcoin\u2019s price action before, during, and after the 2016 halving. As can be seen, below, the crypto asset rallied strongly into the halving, sold-off by 15% two weeks out, flatlined, then crashed four weeks later by 30% in three days. Although there is no guarantee the same scenario will play out again, the chance that there is both \u201cFOMO\u201d and a \u201cbuy the rumor, sell the news\u201d event after the halving is highly possible. Photo by\u00a0Bob Oh\u00a0on\u00a0Unsplash<\/p>\n","protected":false},"author":497,"featured_media":423489,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[679,956,1144,2765],"class_list":["post-423488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin-price","tag-bitmex","tag-btcusd","tag-liquidation"],"acf":[],"yoast_head":"\nBitcoin Crashes to $8,400 After Rallying 10%, Liquidating $20M: Halving Volatility<\/title>\n<meta name=\"description\" content=\"Bitcoin's block reward halving may be just hours away, two hours away by most estimates, but that hasn't stopped the price from dumping.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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