One thing is to see a manipulation where they draw a killer candle and provoke a larger or smaller liquidation.
But what happened on Friday made no sense.
Some of us are still in shock.
If you think this sequence of events was merely a coincidence, and not a scandalous manipulation, think again:
1. The massive sale of cryptocurrencies began moments after the closure of the U.S. market, on a Friday when Asia and Europe were out of play, caught off guard, and practically asleep.
2. The oracles, mysteriously, collapsed, failed at pricing. This caused a steep cascade of liquidations in just a few minutes.
3. The systems of market makers failed, and they could not create or offer liquidity efficiently.
4. The large exchanges had access problems for users. They could not access during the fall. They could not act in time, could not close to cut losses as soon as possible, nor even to buy the dip. They collapsed.
5. The most important analysis and data platforms like Coinglass and some others were mysteriously hacked all at once, leaving users without reliable data to know what was happening in real time.
It will not be easy to forget what happened.
Many cryptocurrencies touched $0 on many exchanges, with user positions of up to 6 and 7 figures of some Altcoins dropping to between $0 and $10 in just a few seconds on many exchanges; there were no order books, there was no liquidity.
The real numbers are still unknown. Unofficial numbers speak of a liquidation between 50-100 billion dollars. There is certainly no precedent for something like this in such a short time. This liquidation has been the largest in history, much worse than what we saw with the Luna crash, FTX, or Covid-19.
Honestly and personally, I had never seen anything like it.
This "scandalous manipulation" can be interpreted in various ways:
1. As an attempted homicide aimed at destroying the cryptocurrency market.
2. As a more crude manipulation by very powerful people, aimed at crashing the markets, taking advantage of insider information during the fall, and then having generational entries into good assets.
3. As a litmus test, a war testing, a critical stress test, seeking to prove the efficiency of liquidity and market-making systems, and ultimately testing the stability of the cryptocurrency market as a whole.
They always talk about decentralization, but if we think about it, everything is really centralized in very few critical things: exchanges, oracles, data platforms, and liquidity.
If that collapses, everything collapses, and you can have the greatest decentralization or whatever you want, there will be no God who can save you.
The consequences of all this are still unknown.
The anxiety and tension are palpable in the air; there are rumors of all kinds at this moment, some say that investment funds have exploded and have been liquidated, that large exchanges are insolvent, etc., etc., etc.
Undoubtedly, this is a heavy blow to the confidence in the cryptocurrency industry; it will not be easy to digest for many who, in relatively good and normal market conditions, can see their Altcoins drop to zero in a moment.
What will happen now? The future is unwritten.
If this has only been a cleanup and a reset of leveraged positions when we had open interest in Altcoins skyrocketing, it is good news in a way, a reset of the market without more, it could mark a positive turning point and we will recover.
If this has been a coordinated strategic attack by very powerful people to profit, taking advantage of system vulnerabilities, and with the intent to blow up and destroy the cryptocurrency market, we are screwed because they will be able to do it more times in the future.
Will this be the last cleanup before Altseason?
Could it be that something has broken, several of the big players have gone bankrupt, a Bear market is starting, and we will take a long time to recover?
Can we really come to know anything?
