As you have probably noticed, yesterday the 8th of July we observed a huge volume on the Binance spot. Let's analyze this:
Technical:
1. This amount of daily volume has not been recorded for months. 2. Whenever we had something similar it was because a huge movement was happening, usually, a huge drop and the volume was appearing due to liquidations 3. This volume appeared at the highest point of the current range.
Macroeconomics
1. Nothing has changed regarding macroeconomics, inflation is high, and still the effects of the rate hikes by the FED to be seen, it is very probable to get another rate increase in two weeks of the same size as the previous one.
So who bought and who sold and why did this happen only on binance?
Probable Answer:
yesterday, on the 8th of July, Binance announced this: "Binance Launches Zero-Fee Bitcoin Trading". Some desperate whales probably have taken this opportunity to sell Bitcoin to themselves since the trading fees are zero now, in order to create a feeling of euphoria in the market that money exists. Bitcoin did not move at all and we are at the top of the current range. Do not get fooled! The current range is very similar to the one at 30k. Let's see what happens in the next 2 weeks while we are approaching the next FED rate hike.
zero fee day on binance resulted in wash trading on binance by ppl trying to get in high VIP tiers
JoeChampion
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Good work, it makes sense!
mmstickman
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US job report was released when it happened. No sign of recession. Employment rose more than expected, and average wage was increased. Which is sign of a strong economy.
Achilleas82
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@mmstickman, exactly so new rate hikes are coming... at the same time Binance does the above zero-fee thing to blur the waters and confuse everyone that the money exist and people are buying