Featured image from iStock, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
In the last few hours, the Bitcoin price has experienced the most violent crash since the collapse of FTX. The BTC price crashed by $1,300 within an hour and briefly fell below $22,000. Remarkably, the price drop occurred with the start of the trading day in Hong Kong. What Are The Reasons For The Bitcoin Price Crash? Probably the most obvious reason for the Bitcoin price crash is the uncertainty that arose yesterday around Silvergate bank, which plays a major role in providing liquidity to the market by providing a gateway to the fiat money system. The bank delayed its filing with the Securities and Exchange Commission (SEC) yesterday. The resulting FUD over financial difficulties caused the bank’s stock price to plummet by more than 50%. Several crypto companies, including Coinbase, Paxos, Kraken, and Galaxy Digital have subsequently terminated their business relationships with the bank. Related Reading: Ethereum Price Won\u2019t Go Down Quietly: Key Supports To Watch However, reducing the price slump, for this reason, would be too simplistic. As analyst Miles Deutscher writes via Twitter, the headwinds for the crypto market are currently piling up. In addition to Silvergate, these include Mt. Gox payouts, the Shanghai ETH unlock, a hot CPI (50bps now a real possibility), mass liquidations, and equity market weakness. “Note, not all of these necessarily have a substantive basis. But nor do they need to cause de-risking. I think a combination of these factors led to a correction, with liquidations exacerbating price action,” Deutscher explained. Related Reading: Bitcoin Price Plunges 5% After Rejection and Now At Risk of Move To $21K In particular, the gigantic long liquidations likely played a significant role in causing the crash to occur as strongly as it did in such a short period of time. According to CoinGlass, long positions of over $205 million have been liquidated in the entire crypto market so far. $185 million in mostly long positions were liquidated within just 45 minutes. Bitcoin recorded the highest liquidations worth $73 million. Binance Spot Whale Responsible? Also, analyst Skew observed conspicuity in Bitcoin spot CVD buckets and delta orders and referred to the chart below. According to the analyst, a large Binance spot sale led to the cascade of long liquidations: As you can see here Binance Spot nuked 1 min before every other spot exchange. Significant size behind this sell off. (Someone probably exited crypto today). Key price $22K On-chain analysis company Santiment writes that it’s been more than 4 months since Bitcoin fell by 5% or more in a single hour. But an hour ago (1 am – 2 am UTC), that streak was broken. “A quick recovery will be dependent on how much worry the crowd shows, allowing whales to scoop weak-handed coins, “according to Santiment. At press time, Bitcoin was trading at $22,374, down 4.3% in the last 24 hours. Featured image from iStock, Chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":521714,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-521704","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n
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Through his extensive work with uniquehot.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/uniquehot.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Crashes Below $22,000, These Are The Reasons","url":"http:\/\/uniquehot.com\/news\/bitcoin-price-crashes-below-22000-reasons\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-price-crashes-below-22000-reasons\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/iStock-1403389740.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/iStock-1403389740.jpg?fit=1365%2C768"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc"],"dateCreated":"2023-03-03T07:45:26Z","datePublished":"2023-03-03T07:45:26Z","dateModified":"2024-06-11T08:40:11Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Crashes Below $22,000, These Are The Reasons\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-price-crashes-below-22000-reasons\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-price-crashes-below-22000-reasons\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/iStock-1403389740.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/iStock-1403389740.jpg?fit=1365%2C768\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\"],\"dateCreated\":\"2023-03-03T07:45:26Z\",\"datePublished\":\"2023-03-03T07:45:26Z\",\"dateModified\":\"2024-06-11T08:40:11Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/iStock-1403389740.jpg?fit=1365%2C768","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/521704"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=521704"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/521704\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/521714"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=521704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=521704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=521704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Bitcoin](\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/FqQle7SacAAVON1.jpg?resize=1907%2C890\")
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