Liquidation of $ 629 million! What happened behind Bitcoin's early morning diving of $ 850?

According to data provided by qkl123.com, at around 5 am on February 20, Beijing time, the price of bitcoin fell by $ 850 in a short period of time, from a high of $ 10,200 to a minimum of $ 9,350. As of press time, it has risen to Near $ 9630.

This has also caused a chain reaction in the cryptocurrency market. According to market value calculations, the top 10 cryptocurrencies have all experienced diving. Among them, BCH has fallen by 8%, EOS has fallen by 12%, and the market value of the entire cryptocurrency market is also About $ 20 billion evaporated in one day.

According to the contract emperor's market statistics report, in the past 24 hours, the contract market had a total of 629 million U.S. dollars out of a total of 19,282 people. Among them, Huobi had a short position of $ 100 million, OKEx had a short position of $ 173 million, Binance had a short position of $ 171 million and BitMEX had a short position of $ 182 million. The top three currencies for liquidation were BTC 390 million USD, ETH 94.38 million USD and EOS 69.21 million USD.

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Since the beginning of this year, the overall cryptocurrency market has risen by about 50%. Among them, Bitcoin has exceeded the $ 10,000 mark many times, and many investors and analysts have also said:

"We will never see Bitcoin fall below $ 10,000."

However, reality has always been so unsatisfactory, and these unfounded predictions have quickly come under fire. Because for whale, price manipulation of hundreds of dollars in the short term is actually not so difficult.

In terms of news, Binance Exchange suffered a failure last night, and the exchange issued an announcement that the system will be temporarily maintained, during which time deposits, withdrawals, spot and leveraged transactions, C2C transactions, Binance treasure purchase and redemption, funds Transfers (sub accounts, leveraged accounts, contract accounts, fiat currency accounts), contract transactions are not affected, Binance CEO Zhao Changpeng said on Twitter that the temporary maintenance was due to problems with market data, other than "no data was lost Or damaged. " At around 1:30 am today, Binance resumed trading.

In addition, another rumor about a problem with the South Korean exchange's upbit also came out last night. As of now, the news has not been confirmed.

Despite this, many investors remain optimistic about the entire cryptocurrency market. A more general view is:

"As the event of halving the production of bitcoin approaches, the market is still in an upward channel as a whole, but the rapid fluctuations in the short term are difficult to avoid, so this period will be very dangerous for high leverage transactions."

Others have said, "Maybe when no one shouts to see BTC below $ 10,000, we can really realize this wish."