Bitcoin recovered from a whale-induced flash crash to end the day in a great position to launch an attempt on its yearly high. After a huge sell threatened to end, at least temporarily, BTC’s upward trajectory, buyers stepped in and ensured that the bears wouldn’t be allowed to take back any ground. In the wake of BTC’s continued ascent to the moon, alts once again took a hit and continue to look terrible, both in BTC and USD terms.
Whale Causes Flash Crash
The flash crash, from which BTC spent the day recovering, was caused by a whale who sold a staggering 7,390 BTC on Binance. The dramatic sale dropped the price to $12,558.98 where it remained until the $92 million wall was eaten up by buyers, with BTC spending the rest of the day slowly regaining ground until it eventually returned to the prior price. The sale, which for reasons best known to the seller was conducted on the open market, would have cost close to $1 million in fees, although someone who has just realized $92 million might not care so much about the odd million here or there.
Alt Season Hopes Vanish
The much hoped for alt season that many suggested might follow Binance listing DOGE has singularly failed to materialize, with most alts drifting lower in their USD values and continuing to tank in their BTC value. Only REN has managed to put up a fight, staging a 35% recovery in the past 24 hours, but otherwise all charts are looking similar – bad. The reason for this seems to be simple – the people pushing BTC up are not interested in alt coins, and until retail steps in there seems to be little chance of a recovery. This won’t happen until the mainstream media starts broadcasting over loudhailers how Bitcoin is back, against all the odds, which probably won’t happen until it passes last year’s $20,000 high. Even then, the majority will be buying Bitcoin and maybe some of the larger cap coins on Coinbase, meaning that a market-wide cull of shitcoins is imminent. And, frankly, it can’t come quickly enough.
Before I leave twitter, I just want to say a big fuck you to all the xrp influencers who have been miserably wrong about everything. It’s not your fault that I listened to you but I still hate you and hope you all get hit by a bus. Ciao.
— Bones_XRP (@bones_xrp) July 9, 2019