On Sunday, the cryptocurrency market experienced another record... or rather... an anti-record. According to Bybt, a new record was put for the liquidation of positions in the cryptocurrency market. More than a million positions totaling $10 billion were liquidated. The maximum loss on a single position was $68.73 million.
Since the event is not ordinary even for such a volatile market, it would be nice to understand its causes in order to foresee where a new blow may follow in the future.
The main versions are as follows: a sharp decrease in the hash rate of cryptocurrency mining due to a power outage in one of the key mining centers of the world, Xinjiang; rumors that the US Treasury wants to fine several financial institutions for money laundering using cryptocurrencies; The central bank of Turkey has banned the use of cryptocurrencies and cryptoassets for the purchase of goods and services. It is difficult to say which of these reasons caused the fall of Bitcoin by more than 15%. Most likely this is a complex of reasons, multiplied by the fact that the cryptocurrency market bubble has inflated incredibly, which means that the pressure is growing.
The US earnings season is gaining momentum. Companies continue to beat analysts' forecasts with ease and ease. Today, along with others, Netflix reports. Considering that the pandemic has breathed a second life into the company's development, the markets are in a positive mood, and if the growth in the number of subscribers does not shake, then the next upward leap in shares is practically guaranteed.
As much as everything is optimistic for the US stock market now, everything is pessimistic for India. The number of daily cases of diseases is approaching 300K and the situation is rapidly spiraling out of control. Just in case, let us remind that India is the third largest oil importer in the world. And judging by the current oil prices, the asset did not even try to take into account the pandemic dynamics in India in oil prices.