To make things more vivid, within a span of just 24 hours. Over $1 billion worth of BTC longs were liquidated. Causing one of the most intense value crash moments seen by the digital market in its brief history. Another way to see the Crypto market crash is that amid the above-stated time frame. BTC lost about 50% of its value. A measurement that’s quite striking, to say the least. Moreover, worth mentioning is the truth that over the course of the same week before Black Thursday, Bitcoin and numerous other cryptocurrencies displayed an amazingly high correlation with the United States stock market, that many related it to drop in investor appetite for high-risk assets, particularly as the COVID-19 pandemic was just starting to raise its ugly head. The steep correction within the United States stock market — which saw the Dow Jones Industrial Average plunged by 2,300 points — was its most noticeably awful decline in over 30 years. This correction, coupled with a lack in demand for BTC, comes about within the cryptocurrency’s price first dropping to around the $5,000 mark and after that to around $3,600. To explore the possibility of whether the crypto segment receiving the end of another gigantic dip sometime this month, CryptoYoda. An independent analyst and cryptocurrency expert. He points out that a triangular combination of limit supply, ever-growing demand, and high leverage trading may be a formula for flash crashes and turbulent instability. Hunter Merghart, head of U.S. operations for cryptocurrency exchange Bitstamp, pointed out that indeed though the structure of the crypto market has evolved drastically since Black Thursday, the possibility of another ” Crypto market crash ” can’t be ruled out completely. He stated that the crypto industry is presently full of regulated spot trading avenues, derivatives platforms that guarantee a high level of liquidity. Will we have another Crypto market crash ? Moreover, Merghart accepts that when compared to previous years. There are presently many more dynamic members inside the worldwide crypto landscape. Tehy also help ease out any imbalances in case volatility were to suddenly increase overnight for a few unanticipated reasons. Anshul Dhir, co-founder, and chief operating officer for EasyFi Organize — a layer-two DeFi lending protocol for digital assets — pointed out to the media that as of now, an immense amount of capital has been bolted in decentralized back, and the by and a large market cap of the crypto industry is more than $1.5 trillion. Be that as it may, of this figure. Dhir pointed out that the lion’s share of positions is over-leverage even to the tune of 50x. Whereas some fears of a possible Crypto market crash like last March’s Black Thursday do exist. The estimation surrounding the crypto space appears to be much calmer this time around. Chad Steinglass is an example. Who is the head of trading for US based crypto trading platform CrossTower. He Accepts that indeed though the one-year anniversary of the much worse Black Thursday is coming up. There’s nothing to worry about regarding such a situation rehashing itself once more. He further opined that the Federal Reserve’s response to COVID-19 was the confirmation of the first thesis behind Bitcoin, and it kicked off the bull run that has been continuous for the final 11 months. Hel also pointed out that the Federal Reserve has appeared no signs of tightening its financial policy. And even Congress, despite partisan gridlock. It appears that process to inject stimulus into the economy until the recession brought on by the coronavirus is completely within the past. Besides, with the consistent flow of institutional adoption — with a new major conventional asset player declaring its support for digital assets every other week — it shows up as even though there will be no genuine correction for any reason other than some surprise prohibitive controls coming from Black Thursday or the Securities and Exchange Commission, which, at this point, appears exceedingly impossible. The only caveat that Steinglass has in connection to his otherwise bullish stance. And maybe witnessing a Crypto market crash like Black Thursday. It is the possibility of some profit-taking from the U.S.-based investors. Who may have bought BTC at the bottom and have been holding up to sell until the calendar rolls over for tax purposes. Even though the events of March 12 are carved in everyone’s memory at this point. Most technical markers seem to suggest that the possibility of such a scenario playing out once again appears unlikely. It’s additionally worth mentioning that several things that we scare of about coronavirus were running wild this time last year when Black Thursday happened. And appear to be the primary drivers of the Crypto market crash — have now generally passed on. Particularly with vaccinations beginning to roll out on a worldwide scale. In the event that there’s one thing that the crypto market has taught. Its members over the years and several Crypto market crash moments. Then anything is possible when it comes to this niche. Hence, any prediction of future price action is nothing more than a really well-educated guess which any unforeseen worldwide event may reshuffle Bitcoin’s deck to form a totally diverse story.
Will we see another Black Thursday?
Many indicators suggest different this time
The question on the anniversary of Black Thursday; is it safe to hold now?
References
https://decrypt.co/61200/bitcoin-…-one-year-later
https://cointelegraph.com/news/…-anniversary-can-…
https://www.financemagnates.com/…currency/news/..s-……
https://www.fxstreet.com/…currencies/news/bitcoin-price-prediction…
https://bitcoinist.com/bitcoin-one-year-later-reliving-the…
https://coingape.com/bitcoin-btc-has-gained-over-1200-a-year-since…
Anniv of Black Thursday, investors ask about the Crypto market crash
