BTC fell below 10,000, 1.5 billion overnight evaporation, CME is the culprit?

At about 2 am today, the bitcoin price of BitMEX and other exchanges suddenly fell below $9,600 from $10,200, the lowest to $9530, and fell by more than $600 in just a few minutes, a drop of 7%. Currently, Bitcoin is $9,695, down 4% in 24 hours.

(Source: TradingView, the chart shows the time in US time)

This morning, the market is still in a red, green onion market, the market's top 100 currencies fell 91, only 9 rose, 51 currencies fell more than 10%.

The ETH's decline was also very fierce. It fell from around $190 to around $170, down 7% in 24 hours. ETH has fallen below the August low and fell to its lowest level since mid-May.

A number of mainstream currencies also fell sharply. XRP fell 4% in 24 hours, and EOS fell to $3.1 and fell 7% in 24 hours.

In addition, the Scallion APP market shows that the three major platform coins have fallen more than 10% in the past 24 hours. BNB once fell below 23 US dollars, temporarily reported 23.04 US dollars, 24h decline to 10.11%; HT approached 4 US dollars mark, temporarily reported 4.09 US dollars, 24h fell 10.86%; OKB temporarily reported 2.57 US dollars, 24h fell 10.34%.

Due to the sharp decline in the cryptocurrency market, the amount of open positions in the past 24 hours was nearly 400 million yuan. Coin data shows that in the past 24 hours, a total of 55.46 million USDT (about RMB 396 million) has been added. Among them, Bitcoin added 201,000 open warrants, about 2055BTC.

(Source: Coin, time: August 29, 08:48)

In addition, in the past 6 hours, BitMex has sold more than $171 million, or about 1.19 billion yuan. Plus coin Coin showed 396 million, about 1.5 billion yuan evaporated overnight.

In response to this wave of BTC's early morning crash, several crypt analysts believe that the Chicago Mercantile Exchange (CME) bitcoin futures will expire on Friday is the main cause of the plunge.

Cryptographic currency analyst Joseph Young said that bitcoin showed a downward trend after the failure of the break. Some analysts said that CME bitcoin futures closing was the main factor for the big drop, which is the most plausible for me, because CME's share of bitcoin trading volume far exceeds investors' expectations.

The kew research team said that about 50% of open interest will expire in CME this week (Friday).

Since the beginning of August, Bitcoin prices have repeatedly tried to break through the support range of $9,800 to $10,200 in three weeks, but none of them succeeded, which may indicate that Bitcoin's short-term uptrend is weak.

However, there is still no specific reason for the current market's sharp drop.

But the upcoming Bakkt bitcoin futures are still worthy of attention. Bakkt official Twitter said that Bakkt Warehouse will begin to provide secure bitcoin storage services on September 6th in preparation for the Bakkt Bitcoin daily and monthly futures launched on September 23.

Therefore, it is possible that funds will be circulating in the Bitcoin futures market, and funds will choose to jump out of exchanges such as CME and prepare to enter Bakkt. Perhaps this is one of the reasons for the short-term decline of Bitcoin.

Forexlive article analysis shows that the current bitcoin price is still higher than the July and August lows, $ 9,000 or new support for Bitcoin.

However, there are also views that this wave of plunge is a good opportunity to enter.