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ETH suddenly crashes, what happened?
Crash process
Sudden bad news in the middle of the night: Early in the morning, news broke that the US credit rating was downgraded (questioning borrowing capacity), followed by uncertainties in US-China trade policies, causing market panic.
Price flash crash: ETH started plummeting from around $2570, dropping to $2487 within an hour (a decline of 3.4%), and then continuing to fall to $2449 (close to a halving level drop).
Liquidation chain reaction: Many people were heavily leveraged long, and after the price broke key support levels, the system automatically liquidated positions, triggering a chain reaction of liquidations and accelerating the decline.
Why did it drop so hard?
Macro headwinds: The US economy is viewed pessimistically, global risk aversion is rising, and large funds are the first to flee.
Sudden bad news in the middle of the night: Early in the morning, news broke that the US credit rating was downgraded (questioning borrowing capacity), followed by uncertainties in US-China trade policies, causing market panic.
Price flash crash: ETH started plummeting from around $2570, dropping to $2487 within an hour (a decline of 3.4%), and then continuing to fall to $2449 (close to a halving level drop).
Liquidation chain reaction: Many people were heavily leveraged long, and after the price broke key support levels, the system automatically liquidated positions, triggering a chain reaction of liquidations and accelerating the decline.
Why did it drop so hard?
Macro headwinds: The US economy is viewed pessimistically, global risk aversion is rising, and large funds are the first to flee.
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