The weekend crash under the microscope

Quick Take

  • The price of bitcoin dropped by 14.5% within 10 minutes, which marked the sixth-worst weekend since 2017
  • The price on Bitfinex appeared to be leading the fall, which could Bitfinex traders played a big role
  • Analysis of volume shows that the crash was likely initiated on Coinbase and then sustained on Bitfinex
  • Binance experienced the largest drop in open interest; both in terms of USD and also the relative change as the open interest fell by $161 million
Bitcoin experienced its sixth-worst weekend since 2017, just a couple of days before the third halving. The price of bitcoin dropped by 14.45%, from $9,480 to $8,110, within only 9 minutes. Source: CryptoCompare The chart below shows the price comparison of four of the most liquid pairs (Bitfinex, Coinbase, Bitstamp, Kraken) in 5-second intervals. The […]

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