So what happened? And is there any hope for a recovery? To answer both, you have to look at quite a few factors.
“One of our institutional traders indicated to us that they had a bug in their trading algorithm, which appears to have caused the sell-off,” Binance.US said in an emailed statement. “We are continuing to look into the event, but understand from the trader that they have now fixed their bug and that the issue appears to have been resolved.”
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Squid was available for sale on decentralised crypto exchanges including PancakeSwap and DODO, which allows for buyers to connect directly to sellers, without a central authority.
Campbell, J. Y. and R. J. Shiller (1988), “Stock prices, earnings, and expected dividends”, The Journal of Finance 43 (3), 661–676
SafeMoon burst on to the cryptocurrency market place earlier this year – and now the digital coin is seeing further gains.
Developed in 2012 by Toronto-based programmer Vitalik Buterin, and backed by an initial $18 million crowdfund, Ether (ETH) is a cryptocurrency that underpins a blockchain network called Ethereum. While Bitcoin was designed to be a digital currency, Ethereum is a more general implementation of blockchain technology.
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It can in addition be observed from Fig 7 that as the period band considered increases, the overall (bubble and non-bubble) coherence values generally get stronger, suggesting online factors have a medium to long term link with price.
El Salvador's move to adopt Bitcoin is the first time Bitcoin has been adopted as a legal tender in a sovereign nation.
"After hitting fresh milestones and hitting new ATH’s backed on the US CPI Inflation figures for October, traders began to book profits," it added. "Such corrections do not seem to be a major cause of concern just yet."
A look at funding rates across exchanges hints at excessive optimism, with traders going long on BTC en masse — a classic indicator of a correction.
Bitcoin was trading 2% higher Wednesday morning. The price was around $62,800 per coin. Burger King, Robinhood serving up 'side of crypto' with Bitcoin, Dogecoin, Ethereum giveaway
What Happened: According to Binance U.S. market data, the Bitcoin to the U.S. dollar trading pair on Binance U.S. flash crashed within a minute from $65,815 to $8,200. This translates to a drop of 87% for the world's top cryptocurrency on the exchange according to cited market data.
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As we don’t know exactly how to classify them, it’s difficult to attribute a direct causality to a specific factor and a crypto’s rise or dive in value.