An overview of what is happening in the crypto markets, summarised daily by Crypto Finance AG Senior Trader Patrick Heusser in the market commentary.
The bogeyman has struck again!
I hope you guys are long enough in the crypto trading space... since you know that even in a bull market the price never just goes straight up. A perfect example of this is the panic selloff we saw early Sunday morning (European time).
The move was really fast: we moved over $1,500 USD in roughly 10-15 minutes. There were huge liquidations on high leverage platform, e.g. OKEx and Huobi, but even on very conservative ones such as FTX there were many liquidations and there were even auto deleveraging trades. The total liquidation in Bitcoin (BTC) was $650mio, in Ethereum (ETH) $165mio, and even in EOS we saw $75mio in liquidations.
But the pretty swift bounce off of the lows plus the nice relaxation on the perp and term basis is a strong bullish sign. We have been consolidating just shy above $11k in bitcoin over the last 24 hours, and also the rest of the market is holding up pretty well. ETH in particular is flexing its muscles and ETHBTC is pushing higher.
It's quite impressive how altcoins are holding up in all of this. They are up slightly versus BTC. Usually in such scenarios we see them bleed heavily.
A detailed chart analysis will follow as usual on Tuesday. But as a spoiler: I am sticking to my conviction that we are on the way to pushing towards 13-14k in BTC$. Stay strong out there!