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Home » Crypto News » Why Bitcoin’s Price Crashed to $22.2K in Minutes: Analyst

Why Bitcoin’s Price Crashed to $22.2K in Minutes: Analyst

Author: George Georgiev

Last Updated Mar 3, 2023 @ 08:11

The reason for the recent crash might be a bit different than what many suspect.

Getting your audio player ready...

While Bitcoin’s decline comes a day after Silvergate Bank revealed operational challenges, some seem to think that the nature of the crash was far too quick for it to be a direct result of the turmoil.

Indeed, the 5-minute chart reveals that the 5% crash happened in no more than 20 minutes.

btc_price_chart_0303231
Source: Binance, 5m

 

  • The move caused a considerable tick in the liquidations, which are currently standing at around $243 million across the board for the past 24 hours.
  • And while the crash comes shortly after Silvergate Bank revealed a lot of operational challenges and many crypto companies abandoned ship, the nature of it seems off.
  • Intra-day trader and creator of delta-based trading systems 52Skew  took it to Twitter to clarify the reason for this particular crash.

BTC – well, no sharp squeeze up but sharp margin cascade here.

What led to this move is a large binance spot sale directly into an area of stacked up longs.

Margin call.

$BTC well no sharp squeeze up but sharp margin cascade here.

What led this move is a large binance spot sale directly into an area of stacked up longs.

Margin call pic.twitter.com/bkYRfCzkjS

— Skew Δ (@52kskew) March 3, 2023

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Tags: Bitcoin (BTC) Price
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About The Author

George Georgiev
More posts by this author

Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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