Bitcoin, Altcoins Sink as $2.5B Gets Wiped Out
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they didn't blame it on the Fed or the tension in the Middle East.
Although most weekends are typically sluggish, with little to no price actions from the larger caps, there are some exceptions. However, even those are prompted by events that transpire during those non-trading days for the legacy markets, such as Maduro’s capture or some of Trump’s latest tariff threats.
The price shock from yesterday, though, didn’t have such an apparent catalyst to be blamed on. Just the opposite, BTC had already dropped on Thursday after the US Federal Reserve left the interest rates unchanged, and Trump had sent some of the country’s Navy closer to Iran. Moreover, bitcoin and the altcoins even recovered some ground on Friday when the precious metal market crumbled.
So, What’s The Reason?
The analysts from the Kobeissi Letter also dismissed the arguments that the Saturday meltdown had anything to do with the situation in Iran or the Fed’s latest actions. Instead, they said, “It’s entirely a liquidity situation.” Their chart shows three well-defined liquidation waves, totaling around $1.3 billion in the span of just 12 hours.
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