Bitcoin Crash

“Black Swan” Author Nassim Taleb Gloats Over Bitcoin Crash

Lebanese-American mathematical statistician and writer Nassim Nicholas Taleb could not resist the temptation to take a dig at Bitcoin amid a violent sell-off.

In a scathing tweet, the “Black Swan” author facetiously advised those who still view the world’s leading cryptocurrency as a hedge to give up on investing and venture into stamp collecting or bird watching.

If after this morning you still think that #BTC is a hedge against world events, or represents “diversification”, you must stay out of finance, & take up some other hobby s.a. stamp collecting, bird watching or something less harmful to yourself & others.

— Nassim Nicholas Taleb (@nntaleb) November 26, 2021

Earlier today, Bitcoin plunged to $53,524 on the Bitstamp exchange, the lowest level since early October, due to growing panic over the “Nu” variant.

The cryptocurrency, which is often billed as an uncorrelated asset, performed ever worse than some airline stocks, crashing more than 9%.

At the onset of the pandemic, Bitcoin infamously halved in value on March 13, 2020, with detractors deriding the “safe haven.” The cryptocurrency managed to stage an impressive recovery that many believe was boosted by massive quantitative easing. According to Taleb, this proves that Bitcoin cannot act as a hedge against systemic risk since it had corrected more than the stock market.

In July, the Bitcoin-supporter-turned-naysayer also opined that Bitcoin was among the most “fragile” assets in history, predicting that it was going to zero.

It is not just detractors

Even some of the biggest Bitcoin proponents do not view the top cryptocurrency as a hedge just yet.

During his appearance on CNBC, SkyBridge Capital head Anthony Scaramucci, whose fund owns over $1 billion worth of Bitcoin, said that it is still subject to volatility and uncertainty, comparing the crypto king to Amazon in the early 2000s:

I don’t think it’s a hedge against inflation at this moment in time.


79% of long traders REKTed as Bitcoin crashed to $56,000

TL;DR Breakdown:

  • About $672 million positions of long traders have been liquidated following the recent drop in Bitcoin and other major altcoins.
  • Bitcoin dropped below $56,000 earlier today, a nearly 20 percent drop from the ATH.

The leading cryptocurrency, Bitcoin (BTC), has been on a downtrend since Monday. It began trading the week at around $66,000 on the Binance market. However, it has shaded more than $10,300 from that point, following the drop to $56,000 early Friday. At the current price, Bitcoin is down, trading at a one-month low.

79.3% of crypto long traders REKT

Given the decrease in Bitcoin and other cryptocurrencies, the majority of long traders in the crypto derivative markets have been forced out. About 79.3 percent of these traders have been liquidated in the past 24 hours, resulting in a combined loss of $672 million, according to the data from CryptoRanks. 

Long traders on FTX lost $228 million, followed by Binance ($218 million), OKEx ($104 million), ByBit ($57 million), and others.

About $672M of Positions Gets Liquidated Due to #BTC Drop Below $56,000

– $228M on @FTX_Official ;
– $218M on @Binance ;
– $104M on @OKEx ;
– $57M on @Bybit_Official ;
– $24M on @BitMEX ;
– $20M on @DeribitExchange ;
– $13M on @HuobiGlobal ;
– $5M on @Bitfinex .

— CryptoRank Platform (@CryptoRank_io) November 19, 2021

Why is Bitcoin crashing?

At first, it’s worth noting that the Bitcoin market has been extremely greedy for the past week and month, probably due to the renewed interest in the cryptocurrency that eventually brought in a new all-time high at almost $69,000. Usually, the market is termed to be due for correction when investors become greedy. But with the recent price correction, the index is returning to the lower side, meaning the price might start peaking again.

Besides this, many people believe the crypto crackdown in China and the United States’ $1 trillion infrastructure bill could also be other bearish factors behind the declining price of the crypto. Also, some claimed that the people are panic-selling due to the upcoming plan for refunding the early users of the now-defunct exchange, Mt. Gox, starting November 20. 

Mindao Yang, a creditor of Mt.Gox, said that it may not be until 2023 for creditors to obtain #BTC , and that many of the previous claims have been acquired by hedge funds, and the long-term impact may not be significant.

— 8BTCnews (@btcinchina) November 17, 2021

People were concerned that the users might dump their Bitcoin shortly after they were repaid. However, this FUD has been slapped down, as one of the creditors said the repayment may not be until 2023.



‘Who was selling? Not HODLers’ — New data hints at Bitcoin crash ‘culprit’ amid leverage wipe-out

Bitcoin (BTC) crashed by $9,000 in hours on Tuesday thanks to a mass unwinding of leveraged traders and borrowers, one analyst believes.

In a series of tweets on Wednesday, Willy Woo sought to get to the bottom of what made BTC/USD dive to lows of $42,800 on Tuesday.

Woo: Bitcoin margin borrowers and open interest may be to blame

With rumors flying over who was behind Bitcoin’s major price dip, analysts have been crunching data in order to understand where the rout began.

Analogies to the March 2020 crash, sparked by coronavirus measures, abound, but Tuesday’s event showed major differences, Woo said.

“Leverage markets sold off but investor buying just got stronger,” he summarized.

“BTC flash crashes are caused by deleveraging, the COVID crash was similar in that derivatives overreacted, but back then it was supported by investors. This one was completely divergent and a mystery. Cheap coins.”

Woo subsequently suspected that the dip came as a result of margin borrowing and open interest. In a classic domino effect, positions unwound to produce a “cascade” of liquidations and a positive feedback loop, which severely impacted spot price.

Typo. Open Interest was NOT crazy high, it was within normal bounds.

— Willy Woo (@woonomic) September 8, 2021

“Healthy cleansing”

While the processes involved may be complicated for the average observer, the strength of Bitcoin’s rebound and ongoing investor buy-ins suggest that cold feet among hodlers were not involved in the event.

Related: Bitcoin’s sharp fall from $50K linked to stronger US dollar, gold correlation shows

According to on-chain monitoring resource Whalemap, large-volume investors who were newcomers to the market provided the vast majority of sell-side pressure.

“So yesterday we had a sell off. The move was quite violent and large volumes of Bitcoin were being sold off on spot markets, researchers tweeted alongside a chart showing where those parties had acquired BTC.

“But who was selling? Not HODLers. Mostly whales and in fact the ones that bought their btc only quite recently.”

Bitcoin whale outflows annotated chart. Source: Whalemap/Twitter

For fellow analyst William Clemente, meanwhile, Tuesday provided a welcome reset of frothy derivatives markets.

“Investor activity strengthening + Leveraged speculators wiped = healthy cleansing,” he concluded alongside Woo’s findings.



Trader Who Called Last Bitcoin Crash Issues New Warning As BTC Hovers at ‘Make or Break Level’

The trader who accurately called Bitcoin’s top just under $65,000 has issued another warning to BTC bulls as the world’s biggest crypto hovers around $50,000.

The pseudonymous trader known as Dave the Wave tells his 74,000 followers that Bitcoin is at a “make or break” point as it trades at a critical level where multiple technical resistances align.

“It doesn’t get much better than this – make it or break it time.”

Source: Dave the Wave/Twitter

The analyst’s chart shows BTC sitting at the very top of a rising wedge within a large descending channel, slowly rounding off and threatening to drop below $30,000 over the coming months. Dave the Wave says that to invalidate this thesis, Bitcoin would have to break through one critical resistance level.

“Price convincingly north of $51,000 – invalidated
Price down to the $46,000 area, further validated.”

The trader makes an observation regarding Bitcoin’s interaction with the Gaussian Channels, an indicator typically used to show long-term deviations from price. According to the crypto strategist, BTC already hitting the channels several weeks ago is a sign that it will continue to drop lower.

“Price has never come back to the Gaussian Channel [on the weekly] without then going on to go deep into that channel. Syncs with the LGC (logarithmic growth channel) nicely, and shows a picture of reducing macro volatility.”

Source: Dave the Wave/Twitter



Bitcoin Crashing To $20k Still Very Likely – Chief Market Strategist Avers

Bitcoin is still trending in dangerous waters that could see its price slump into a deeper correction, an expert market analyst has now warned.

Speaking to a media outlet, Kitco News on Friday, Gareth Soloway, the chief market strategist of projected that the asset’s rapid surge in price was most likely a bear trap, which normally occurs when FOMO kicks in after an initial bullish minor correction prompting a majority of retail position to be opened long before the market sees a deeper correction as initial buyers liquidate their long positions.

“One of the things that I have talked about is that Bitcoin will eventually get to the $18k-$20k mark. there is really no question in my mind” he said.

2013 And 2017 Depict Similar Patterns 

He particularly pointed out moves witnessed during the 2013 and 2017 corrections which exhibited similar patterns stating that the assets price was likely going to correct deeper if Bitcoin adopted the same patterns.

In 2013 Bitcoin sprung from $100 to $1,300 before recoiling to $450, a move that was later followed by price snapping back by about 78% to $1,100. 

In an almost analogous unfolding, price printed a similar chart in 2017 after a spirited 300% surge towards $20,000 before pulling back to $11,000. Price then made a 72% correction attempt to $17,000 before dumping to $5,000 and later to $3000 in the following weeks. 

Current situation not any different

The markets pundit asserted that Bitcoin squarely sits in the same phases in the current situation and warned of a deeper correction. 

“Bitcoin was at $65,000, it corrected to $30,000 could it go back to 50k-52k and then go lower? So you see what I’m saying here which is that; this is actually following the actual replica of the two previous mega moves from 2013 and 2017 and there is really nothing that is telling me that this is any different” 

He called out the likeliness of price turning around below head and shoulder neckline he had plotted during May’s drop.

BTCUSD Chart By TradingView

He however noted that if price happened to take out the $65,000 ATH, he would be convinced otherwise.

Gareth is not the only one who sees an incoming deeper correction. On Wednesday, Charles Edwards, the founder of Capriole Investment noted a repetitive pattern that could throw Bitcoin into an almost similar situation as witnessed in 2013. Referring to data collected on, the crypto investment manager argued for a case of Bitcoin gearing towards a “double bubble” which meant that in the current attempt to reclaim its highs of $65k, Bitcoin printed two almost similar tops then slid into a deeper correction.

Earlier in the month, Richard Heart, the founder at HEX also echoed the same sentiments predicting that Bitcoin would have to complete an 85% correction to bottom at $10,000 despite the asset having shed over 50% of its accumulated value during the May pullback stating that “that is normally what it does” .



Bitcoin Crashes Below $30,000, Bear Market Or Bullish Setup?

Bitcoin has finally crashed below $30,000 for the first time in a month after the digital asset had recovered above this point following the crash to the $28,000 range in the last month. Market volatility levels have continued to remain low while the digital asset price continues to suffer. Market sentiments seem to remain in the extreme fear range as investors hold off putting more money into digital assets.

Bitcoin continues to show bearish tendencies as, despite best efforts, bulls have not been able to drag the coin out of its three-month-long decline. Breaking the critical $30,000 hold that holders have tried to keep the digital asset price. Market indicators so far continue to show that the digital asset might be headed for further decline.

Related Reading | Retail Traders Pile On Shorts, Is This The Bitcoin Bottom?

The price of the digital asset has now hit the same price that the coin was at the beginning of the year 2021. Showing that this dip might be continuing on further down than the market anticipates.

Bitcoin Market Dominance Continues To Decline

Bitcoin is the first cryptocurrency and certainly the most valuable has always maintained market dominance over the other crypto assets in the market. The market dominance was well above 50% at the beginning of the year but now that number has declined to less than 50% market dominance for the coin.

Bitcoin market dominance at 42% | Source: BTC Dominance Index Chart from

The price crash in May saw the market dominance for the digital asset take a sharp decline as other crypto-assets started to step up their game and take more market share. With coins like Ethereum slowly but surely taking a much larger market share.

Related Reading | Bitcoin Might Already Be In A Bear Market, Investors Just Don’t Know It Yet

Bitcoin dominance saw sharp declines in 2017 when other crypto assets started gaining notoriety. In 2017 alone, the digital asset saw its market dominance go down from 95% to 52%, before recovering up to 70% as the last bear market raged on. But now, bitcoin has started losing much of that dominance, currently sitting at 46% market dominance.

Bear Market More Likely Than Bullish Setup

Massive FUDs in the market might point more to a bearish trend than it does to the bullish setup. There have been debates about whether events like the China crackdown on mining and crypto bans have been a good indicator for the crypto market at large and consensus seems to be that the events will help to make digital assets even more valuable.

While things like this might be true in the long term, it seems so far to not be good for the long term. With the FUDs have come decreasing prices in the market and the charts continue to be in the red.

Bitcoin price crashes below $30,000 | Source: BTCUSD on

With investors still being wary of putting money in the market, the price has so far suffered. Despite institutions like Michael Saylor’s MicroStrategy continuing to be bullish on bitcoin.

Bitcoin is currently trading at $29,764, with an overall market cap of approximately $557 billion.

Featured image from Investment U, charts from



Bitcoin crashes below $30K, but on-chain data suggests accumulation is brewing

Despite Bitcoin crashing below $30,000 for the first time in one month, on-chain metrics suggest whales may be steadily accumulating BTC.

According to Glassnode’s July 19 “The Week On-Chain” report, the Bitcoin reserves of centralized exchanges have continued to evaporate despite the recently sustained bearish momentum, with an average of 36,000 Bitcoin (worth roughly $1 billion) being withdrawn from exchanges monthly.

Glassnode infers the shrinking Bitcoin reserves on exchanges as indicating large investors moving BTC into secure storage, rather than leaving their coins on exchanges in preparation for selling.

Bitcoin net position change on exchanges: Glassnode

Glassnode also identified a recent increase in the number of entities hodling Bitcoin since May, increasing from roughly 250,000 to nearly 300,000 today. Glassnode describes “an entity” as a unique on-chain cluster of associated addresses.

The on-chain analytics provider noted that the number of “sending entities” — unique address clusters associated with selling — has fallen by roughly one-third from 150,000 to 100,000, while “receiving entities” — addresses linked to accumulation or holding — have increased by roughly than 20% from 190,000 to 250,000 over the same period.

Bitcoin changes in on-chain entities: Glassnode

Despite emphasizing signals suggesting accumulation, Glassnode noted heavily divided market sentiment, predicting extreme volatility may be imminent for the markets:

“We have an extremely divided market, and one with a likely expansion of volatility just around the corner.”

Related:Traders are withdrawing 2,000 BTC from centralized exchanges daily

It added that miners are now also in accumulation mode despite expenses incurred in the great migration in the wake of China’s mining crackdown. The miner net position change metric indicates that more than 3,300 BTC per month is currently being accumulated.



Bitcoin Crash Below $30,000 Expected by Peter Brandt as He Launches Twitter Poll to Estimate Chances

Savvy trader Peter Brandt has launched a poll to ask users how low Bitcoin can go below $30,000 as he seems to expect this drop to take place.

Prominent Bitcoin opponent Peter Schiff has published a similar tweet but he expects the flagship crypto to crash below the $10,000 mark.

“When BTC crashes through $30,000, how low will it go?”

Old-school commodity trader Peter Brandt has taken to Twitter to kick off a poll about the possible fall of Bitcoin below the $30,000 level soon.

Among the options provided by Brandt in it, there is Bitcoin hitting $25,000, dropping to $20,000 and even well below this level. However, he has also left an option for those who reckon that the king cryptocurrency will remain above $30,000 after all.

By now, the poll has been collecting votes for four hours, and so far 31 percent have voted that Bitcoin will not break below $30,000. 25.3 percent believe it will collapse below $20,000.

24.6 percent think, the flagship cryptocurrency will be hanging in the $25,000-$20,000 range and 19.1 percent have voted for the #$25,000-$30,000” range.

In the comment thread, Peter Brandt shared a Bitcoin chart with a pattern on it that shows why he expects Bitcoin may drop below $30,000 soon.

For reference

— Peter Brandt (@PeterLBrandt) July 8, 2021

Peter Schiff “votes” for Bitcoin hitting $10,000

Vocal Bitcoin hater, CEO of Euro Pacific Capital Peter Schiff has offered a similar scenario to Brandt’s. The difference is that the gold bug Schiff believes Bitcoin is going to crash well below the $10,000 price mark.

He believes this is going to happen due to Bitcoin drawing a head and shoulders pattern now, which usually indicates a reverse in the asset price. Another reason, as per him, is that leveraged traders may be forced to start panic selling if BTC does plunge to $10,000 after all.

The $20,000 level will be a powerful overhead resistance, according to a Schiff’s comment in the thread.

Bitcoin continues to carve out the right shoulder of an ominous head and shoulders top pattern. If #Bitcoin takes out the June low, the market could easily collapse below $10K, especially if leveraged speculators are forced to sell. No one seems to acknowledge this possibility.

— Peter Schiff (@PeterSchiff) July 7, 2021

BTC Netflows index remains negative

CryptoQuant analytics agency has tweeted that since June 15, the Bitcoin Netflow (30-day MA) has remained negative.

This means that Bitcoin is being withdrawn from crypto exchanges into cold storage vaults by both institutional and retail investors.

Usually, this situation leads to an asset’s price increasing, the CryptoQuant team commented.



Skittish Investors Wipe Out All 2021 Gains, Sending Bitcoin Crashing to a New Low & Ether Back at $1,700

The cryptocurrency market is experiencing another brutal day. The price of Bitcoin went down as low as $28,830 on Coinbase, as of writing, lower than the May 19 low of $30k on the exchange, a level last seen in early January. On other cryptocurrency exchanges, prices went even lower. Today’s sell-off has put in a new low for 2021 and wiped all the gains made by bitcoin this year. “There’s just a lot of fear, and when there’s fear, people sell risky assets. I do think that Bitcoin’s still perceived as a risk-on asset,” Meltem Demirors of CoinShares, said in an interview on Bloomberg. “Generally, investors are skittish.”

Ether’s price went down to $1,700 on Coinbase, below the May low of $1,725, last seen in March this year only. The total cryptocurrency market cap has stumbled to $1.2 trillion, last seen in early February. After yesterday’s $1 billion liquidations, another 238,232 traders were liquidated for almost $1 billion and growing in the past 24 hours. These numbers, however, are not correct because Binance API only publishes 1 liquidation per second. According to Antoni Trenchev, co-founder of crypto lender Nexo in London, breaking $30k means “we should revisit $25,000 and even $20,000 before the next leg up.” Pankaj Balani, chief executive officer of digital asset derivatives exchange Delta Exchange, is of a similar opinion who told Bloomberg that a conclusive break below $30,000 would mean a “massive hit” to sentiment and possibly “heavy selling activity” across the crypto market. However, he expects bitcoin to rebound and challenge $40,000 in the coming weeks. “Negative trading conditions in the market are coming from an overly long position built up in the strong first-quarter runup that has not cleared itself out yet,” said Adam Reynolds, CEO at Saxo Capital Markets. With this latest sell-off, Bitcoin’s correlation with the S&P 500 had broken and now fallen to zero after reaching an all-time high when coronavirus struck. Stocks are progressing towards their all-time highs after recovering sharply from their last Friday lows following the Federal Reserve’s shift in policy. JPMorgan strategists said in a note,

“Last week’s FOMC meeting was a hawkish surprise but does not change our market outlook. The reflation trade experienced a sharp, technically driven pullback, but we expect the trade to resume and see this move as an opportunity to add exposure to cyclical equities and commodities.” For Bitcoin, it’s more than just the Fed and rising dollar at play here; the industry-specific factors, especially China cracking down on the cryptocurrency market, are impacting the prices. As we reported, China’s latest measures came from the nation’s central bank, which summoned officials from banks and payment institutions like AliPay to reiterate a ban on crypto services. Although this is nothing different from the past and has already been in effect, the fact that it comes straight from the top makes it hit harder. Seth Melamed of Tokyo crypto exchange Liquid said,

“Some of the miners in China may be more willing to sell their bitcoin now versus when they are able to run their mining operations, because they have to raise cash.” At the Qatar Economic Forum on Tuesday, founder and chief executive officer of Galaxy Digital, Michael Novogratz, argued for Bitcoin as a dependable store of value. He said,

“If you’re going to be long gold, Bitcoin is a better version because it’s got the same macro tailwinds, but it is also very early in the adoption curve.” Billionaire investor Mark Cuban also argued along the same lines as he said while not a “hedge,” bitcoin is similar to gold because both the assets are driven “exclusively by supply and demand.” It’s just that “BTC does a better job with both,” while gold “is useless, pretty much across the board, but particularly as a hedge,” he added. 



Bitcoin Crashes Below $30K For The First Time Since January 2021

Things in the cryptocurrency market are looking increasingly bad as the price for bitcoin just crashed below $30,000.

  • Bitcoin’s price is currently trading below $30,000.
  • This hasn’t happened in months as the last time we saw these levels was in January 2021.

  • Other cryptocurrencies are also following suit with most of the altcoins charting double-digit declines on the weekly.
  • This has also led to almost $800 million worth of liquidated positions across the major exchanges over the past 24 hours.
  • The largest single liquidation order happened on Bybit. It was a Bitcoin position with a face value of $5.4 million.
  • Not surprisingly, the majority of liquidations came from long positions. In the past hour alone, around 94% of the longs were wiped off.



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