Professional Trader Shows What Really Caused Crypto Market Plunge, and It's Not Arkham

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As crypto market lost $100 billion in capitalization, majority blamed Arkham, but it might not be the main reason

The derivatives bid was likely triggered by fast money watching for spot bids, similar to the situation in March involving SVB. participants scrambled to exit their positions, resulting in a massive hourly red candle. Interestingly, the erroneous Arkham alert coincided with the market's bottom. Patient bulls bought the dip after the leverage was wiped out, pushing the price back up to $29,000.

The trader also speculates on the potential involvement of traditional finance funds in the market plunge. They argue that if these funds had played a significant role, gold and the U.S. dollar would have reacted differently. However, gold barely moved, and the U.S. dollar remained flat during the market plunge.

As for who was responsible for the buying activity, the trader admits they are uncertain. There are various theories circulating, including hunting shorts and potential positive narratives involving Binance and the CFTC. Regardless of the reasons behind the buying, the event revealed the market's vulnerability to rapid price fluctuations.

 

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