It is a well-known fact and unwritten rule that crypto prices are on a perennial rollercoaster ride. You never know when they will go up or down. And at the moment, Bitcoin prices are on an epic down ride. Bitcoin prices dropped to a whopping $8200 on Binance U.S. These flash crashes once again underscore the uncertainty factor innate in the crypto domain. Twitter has been brimming with responses following the news and the chaos is quite justified given the massive fall in prices. Nobody knew that the “all-time high” was just the poetic “calm before the storm.” And the storm is raging quite violently as the investors are left shaken following the fall in prices.
Up and Down
Yesterday was a pleasant day for Bitcoin. The cryptocurrency tasted success as it hit an all-time high of $67,000. However, the taste of that success did not last too long as the effect was soon neutralized by a massive fall in prices which went below $64,000. The notable mark of success, although short-lived, that marked the 20th of October as a golden day for bitcoin was the aftermath of the Bitcoin Futures ETF in the U.S. The exhilaration soon turned to distress as the prices fell hours following a brief correction. In the blink of an eye, fortune shifted its shape to misfortune and the prices went from $66,700 to $63,600 on the majority of the exchanges. The decline was rather massive and impactful on a couple of exchanges like Kraken and FTX. On Kraken, the prices went as low as $54,100 before recovering their stance to $65,000, which is barely a relief. However, the worst decline was recorded on none other than Binance U.S, where the prices saw a massive drop of 87 percent to a shocking $8,200. And the worst part is that all this shift of fortunes happened in a matter of a few seconds. If you are in search of an example for uncertainty and transience, here you go! You have the perfect shocking example. Soon enough, as the price rollercoaster went further downwards, the brightness of the crypto market in the wake of the recent success was soon eclipsed. The impact of the flash crashes was reflected throughout the market.
Responses on Twitter
Twitter has been brimming with responses ever since the graphs took a downward dive. This is not the first time Bitcoin prices are hitting a low. However, this might be the first time it has hit such a low note. Let us go through a few of the reactions and responses on Twitter following the crash.
Now that is a sad straight line. Don’t you agree?
Well done Binance US. pic.twitter.com/OgGiblrdI8
— Crypto Chase (@Crypto_Chase) October 21, 2021
Such a perfectly straight line. It is almost like somebody took the effort to perfect it.
Binance US casually wicking down to $8200 pic.twitter.com/UykFPl5OAc
— satsdart 🔺 (@satsdart) October 21, 2021
I guess someone f*cked up…again, or this is market manipulation hunting stop losses. 🤷🏻♂️ pic.twitter.com/w2cdZBnR6x
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) October 21, 2021
All that exhilaration for nothing. It all came down pretty soon, literally.
Bitcoin price flash crashes by 87% to $8K but only on Binance US exchange.
The platform saw prices of bitcoin hit unimaginable lows which plummeted from $65,800 to $8,200 within a couple of seconds. pic.twitter.com/LGAm5o7QLT
— Market Demon (@market_demon) October 21, 2021
They say that everything happens for a reason. I would like to know the cause for this one.
This needs to be investigated! Why did this happen On Binance US?
The exchange crashed to 8k this is ridiculous, I also noticed how alot of BTC left the exchange balance around the similar time. pic.twitter.com/UTAAqeGTU9
— SDCrypto | Found On YouTube Analysing BTC & Crypto (@SDCryptos) October 21, 2021
Cheers on that joke!
kraken: “our books are laughably illiquid”
binance US: “hold my beer” pic.twitter.com/VHlu94imXP
— Bags (@0xbags) October 21, 2021
— C.J. Wilson (@str8edgeracer) October 21, 2021
Binance US get a grip 😂😂😂 pic.twitter.com/AoEfbzDcmy
— Sachin Dhingra (@isachindhingra) October 21, 2021
Now that is some brilliant work of art right there. Art amidst the chaos, How poetic!
— Crypto Max (@MCFSupport) October 21, 2021
Not sure where you are looking at pic.twitter.com/Ahh8QswRna
— Econoking (@ArslaanAnwer) October 21, 2021
— Rose Infinity // oh92 (@DepthHouse) October 21, 2021
We are angry!
— Roger (@Roger_1_10) October 21, 2021