Bitcoin Just Flash-Crashed…

Bitcoin Just Flash-Crashed…

Update (1440ET): Minutes after Zuckerberg unveils his Metaverse, someone or something just puked crypto sending Bitcoin crashing down from $61,000 to $58,000…

… before bouncing back fast

One crypto trader exclaimed “what the f**k was that?” on the move but after the even bigger fat-finger collapse earlier in the week on Binance, who knows?

Some have suggested it may be BITO-related…

*  *  *

After yesterday’s plunge in the majors (BTC and ETH), as crypto-traders piled in to Shiba Inu, this morning has seen those trends reverse with both Bitcoin and Ethereum rebounding strongly as Shiba Inu sinks.

Yesterday, ETH tumbled below $4000 as SHIBUSD soared…

Today, ETH is back above $4200…

…as SHIBUSD slides…

While the move is likely helped by the rotation/profit-taking from SHIBUSD’s big move, we also note an interesting development.

Due to the continuous burning of ETH coins and fees, some Ethereum blocks become deflationary due to high network load, which then leads to high fees.

According to the burn tracking service, $12 million less Ethereum was issued today than distributed, making the whole day “deflationary.”

As reports, this is the first time this has happened since EIP-1559 went live less than 3 months ago.

Additionally, Bitcoin is back above $61,000…

With some analysts suggesting the recent Bitcoin dip mimicks October 2017’s drop, before it took off to new highs… Astonishingly, the dates of price phenomena in September and October 2021 practically match 2017. Popular Twitter account Smart Crypto, which noticed the trend, called for an “explosion” in time for 2022.

Utilizing Fibonacci sequences, should the rest of the quarter follow the same timeline as four years ago, significantly higher prices are in store for Bitcoin. Being an order of magnitude higher than the 2017 peak, these prices could hit $300,000.

Tyler Durden
Thu, 10/28/2021 – 14:44

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Author: Tyler Durden

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