The crypto world has no dawn
The clock in the crypto circle is forever stuck at three in the morning.
When the price of ETH suddenly begins to twitch, countless dormant phones collectively vibrate on bedside tables. $2570 — this number, which was hyped by the trading group as a 'solid bottom' during the day, shatters into glass shards the moment Moody's downgrades the US rating. Leveraged gamblers struggle to crawl from their beds to trading software, their fingertips still tinged with the warmth of dreams of wealth, while the red alert of liquidation has already flooded the screen.
The market is like a punctured helium balloon, wildly flailing about. $2487 bursts the first blood flower, and those long positions at $2500 are pierced like candied hawthorn on a stick. The depth chart of the exchange suddenly reveals a black hole, from which the hum of mining machines shutting down can be heard at $2449 — this is the lifeline of countless old miners.
It's not the candlesticks that kill.
The vultures of Wall Street started secretly selling off three days ago, and the technicians pulled the trigger in unison when the four-hour chart made a death cross, while the young people who had fully invested only realized when the forced liquidation pop-up hit them in the face: those KOLs who taught them the 'Fibonacci trading strategy' during the day were secretly opening short positions.
At four twenty in the morning, the deepest wounds begin to scab. Some people screenshot their liquidations and post them as black-and-white memorial photos on Twitter, while others rummage through the kitchen for half a bottle of Erguotou to down in front of their contract accounts. But the order book of the exchange doesn't lie: while Asian retail investors are still licking their wounds, the cold wallets of North American quantitative funds have already opened their giant mouths, waiting to swallow the bloody fragments of ETH.
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