BTC flash dump to 21,500 USD, ETH almost touched 1,700 USD, the market is bleeding
After a few days of prosperity, Bitcoin, Ethereum and most of the entire cryptocurrency market had a sudden "turn" on the afternoon of August 19, 2022.
In the early afternoon of August 19, 2022, the cryptocurrency market witnessed a sudden "turn" that caused the price of Bitcoin (BTC) to flash a flash dump to the milestone of $21,500. The 1H candle with a top from 22,800 USD dumped straight down to 21,440 USD on Binance.
Currently, BTC price is holding around $22,000, but the downward trend shows no sign of stopping.
Ethereum was also not immune to a sell-off from this massacre. ETH price once dumped as far as $1,723 on Binance, just a few steps away from the $1,700 milestone.
In the past 4 hours, there were 233 million USD of assets liquidated, of which 87% were long orders. BTC orders were liquidated the most with a total value of 110 million USD.
In terms of news, there hasn't been much news in the crypto market lately. Ethereum's The Merge event is well received by the community, ETH is the main growth driver today. The Merge finally closes the calendar on September 15-16.
The shocking case surrounding the US listing of Tornado Cash website on the sanctions list also raised many questions about decentralization, privacy and uncensorship in the community.
On the macro side, UK inflation rose to a 40-year high, contributing to growing concerns about a global recession.
Aug 19, 2022