Bitcoin flash crash on Binance.US

To date, Bitcoin has grown continuously for more than three consecutive weeks. Bitcoin corrected slightly by $ 63,000. The majority of altcoins followed the trend of the BTC correction, some others gained slightly.

Over the past day, the Bitcoin price event quickly dropped 87% from over $ 64,000 to $ 8,200 and then rebounded on Binance.US in about a minute. This is an exchange only for US persons to trade.

Following the incident, Binance.us stated that one of its investment institutions discovered a bug in its bot trading algorithm that appeared to have caused a sell-off that drove the price down sharply.

In the crypto market, or any other market, there are whales, small groups of people, or institutions that hold the majority of the assets in the market. Thus some things are said that elephants can see and use to benefit from Binance or serve their interests.

The number of futures orders on the exchanges also fell, as more than USD 429 million long orders were liquidated yesterday. The funding rate is also cooling.

During the day, a large amount of BTC was also pushed to the exchange within 1 hour. And an hour later, a large amount was also withdrawn.

If many investors sell and then only want to collect for a short time, this explanation does not make sense. However, some argue that this is a whale strategy. They pushed a large amount of BTC into the stock market to confuse investors and scare investors. In general, BTC is still withdrawn from the exchange more than the amount deposited.

Crypto is attracting more and more investors

The sharp rise in the price of BTC and the acceptance of the Bitcoin Future ETF make BTC even more attractive for large investors.

Peter Thiel, the co-founder of PayPal and Palantir, is also one of them. He said he felt he didn’t invest in Bitcoin because he felt he didn’t invest enough. He also expressed his desire to buy more BTC but didn’t know what price to buy more at.

The Houston Fire Force Retirement and Relief Fund (HFRRF) marks the first time a public retirement plan in the United States has announced an investment in digital assets.

The fund has total assets of more than $ 4 billion. According to the announcement, the HFRRF fund has invested $ 25 million in Bitcoin and Ether, but the fund did not reveal how it will be split between the two.

Another large mutual fund, Capital Group, has an interest in the crypto market. This company has $ 2.6 trillion under management and has been in business for more than 90 years. In the announcement, the company said that a mutual fund should have BTC, ETH in its portfolio to diversify and reduce risk.

According to Coinshare statistics, digital asset investment products have seen total inflows totaling $ 80 million in the past week. Total assets under management are currently at an all-time high of $ 72.3 billion.

Most of the cash flow was invested in Bitcoin with a total value of USD 70 million. Next, Polkadot and Cardano saw sustained inflows totaling $ 3.6 million and $ 2.7 million, respectively.

Bitcoin and crypto are increasingly attracting investors. The largest cryptocurrency shows its investment potential and store of value. Bitcoin investing and long term holding will also present many psychological challenges in the marketplace. But investors who believe in and hold onto long-term holdings have so far reaped the fruits of their investment process.

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