After months of low volatility, the market went through another shakedown, spreading from Bitcoin (BTC) to all other assets. A 20% drop in values brought assets to their knees in what also looks like a quarterly sell-off.

BTC prices stabilized at $5,647.60, after massive selling saw 24-hour volumes exceed $8 billion. Trading mostly happened against the USD and USDT, as liquidation brought down the price. Those who could not escape through USD directly bought Tether (USDT). The attempt to liquidate USDT on Kraken once again brought the price as low as $0.96.

The latest sell-off was interpreted as a capitulation event.

“To put it plainly, today’s dip is likely indicative of the fact that the most recent round of crypto speculators are capitulating. Thanks to revised short-term expectations that call into question the idea of a bull run by the end of the year, many are likely taking their chips off the table,” said Marshall Hayner, Founder of …

This article appeared first on Cryptovest

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