Bitcoin traded below $47,000 on Binance within two hours. In the last 24 hours, the price of the leading cryptocurrency fell by about 13%. The aggregate liquidations in the futures market reached $3 billion, according to Bybit.
At the time of writing, digital gold was trading near $46,000.
Analyst Willy Woo noted that the sell-off occurred mainly in the derivatives market. He said this is typical for most such crashes. What is atypical is the absence of catalysts for such a rapid price decline.
Not entirely sure WTF just happened, but that’s the sequence of events. The sell-off was mainly on derivative markets (like most crashes).
— Willy Woo (@woonomic) September 7, 2021
In the red zone were nearly all top-10 cryptocurrencies by market cap. The exception was Solana (SOL). The price of some cryptocurrencies fell by more than 18%, according to CoinGecko.
As a result of the sell-off, Ethereum’s network average fee at one point reached $48.
Some crypto exchanges struggled to cope with the surge. According to economist Alex Krüger, users of Coinbase, Kraken and Gemini experienced operational issues. Downdetector corroborates this.
GEMINI: TEMPORARILY ENTERING FULL MAINTENANCE PERIOD
KRAKEN: SOME CLIENTS EXPERIENCING DELAYS WHILE USING INSTANT FUNDING METHODS
COINBASE: AWARE TRANSACTIONS ARE CURRENTLY DELAYED OR CANCELLED AT ELEVATED RATES
Shitty crypto exchanges don’t want you to buy the dip
— Alex Krüger (@krugermacro) September 7, 2021
Earlier, on September 7 in El Salvador the law recognizing Bitcoin as legal tender came into effect. The country’s sovereign wealth fund purchased 550 BTC.
Follow ForkLog news on VK!