Gambling is always a risk. Even when you are confident of market stability, there are always surprises that are extremely difficult to predict. Nobody expected the cryptocurrency to collapse on Thursday. This happened despite the positive events, the main one being the approval of CoinBase for cryptocurrency futures trading. It seems that everything was ready for the growth, but several unexpected events the happened at the same time.
First of all, macroeconomic situation stimulated investors to withdraw from risky assets. Immediately came a message about the bankruptcy of the Chinese developer Evergrande. Message about the sale of a large batch of bitcoins by Elon Mask added a negative.
As a result, crypto investors suffered serious losses. Record losses were received by a trader who opened the Binance long position ETH against BUSD. He lost $55M.
Lado Okhotnikov, crypto investor and CEO of Meta Force platform shears his vision regarding the situation in the cryptocurrency market:
"Honestly, I don’t see much of a tragedy in what happened. The capitalization of cryptocurrencies is relatively small in principle, so not the largest transactions can cause dramatic movements in trading. Now the situation is nervous, uncertainty persists, macroeconomics is unfavorable, so a combination of factors caused the fall. It may not be the last, unless there is positive news soon..."
#Cryptocurrency #collapse #macroeconomics
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