So if anyone was watching like i was this morning, Ada went down to 15 cents and ether hit 600 dollar level on Kraken Exchange. Now why does this sound familiar? Well if you remember in March of 2020 we had a huge liquidation event that i believe was all on Bitmex. Today we saw a similiar event happen on Kraken where liquidation crisis happened and orders were set off in a huge plunge that threatened the entire crypto economy. Kraken does not admit any wrong doing and thinks its ok to have such an event where prices completely decouple from the market and plunge 85 percent. THIS IS VERY DANGEROUS TO THE ENTIRE ECOSYSTEM. Much like Bitmex, Kraken's liquidation event created an insanty of Arbitrage and at one point it looked like they killed the system just as Bitmex did. Exchanges have too much power and influence over the markets and we need to have safeguards in place that prevent this. No not circuit breakers exactly but some way to prevent these events from happening as this is not just a normal dump. I would suggest not using Kraken for any serious trading except maybe attempting to buy these dumps or HODL. Even then i would not trust an exchange that does not admit any wrong doing and leaves its customers seriously hurt. I hope no one was hurt and if you were i would like to hear about it. I know there may be a lawsuit being filed if you were
Comment
⋅
not that i give a shit about hedge funds but one was completely wiped off the face of this earth. 400 million dollar account gone in the blink of an eye.
Always like your ideas On point 🤝 I was sleeping when this dump happened....I would die from stress I guess....
GiveMyCoinsBack
⋅
This is all part of the game. My guess is it was whales stop hunting. It happens from time to time when everyone “knows” that the market can only go up. Probably a lot of leveraged longs without stop losses. Queue the whales. Like I said, all part of the game. Know your risk.
BrandonrG
⋅
F
BrandonrG
⋅
@GiveMyCoinsBack, there are known issues on kraken. 5 seconds of research will tell you that. It is nothing like price action on normal exchanges nor is it eb and flow. Again we already expected a dump for days. We are well aware of risk as should anyone playing in the big boy casino
GiveMyCoinsBack
⋅
@BrandonGallegos, yeah, I know this - I got caught in a Kraken "event" back in 2017 when ETH was making its ATH at $90 USD - the front-end went down because of a DDoS, while whales were trading via the API. Screwed over a lot of people, including me. Flash crash ensued with no way to exit your positions because of the web front-end being attacked.
I was replying to your "Exchanges have too much power and influence over the markets and we need to have safeguards in place that prevent this." comment specifically - what do you suggest?
My suggestion is stay away from Kraken if you want to avoid the extra risk - personally, I use DEXs now.
UnknownUnicorn5470646
⋅
the monster from Jekyll island painted a horrible picture of bitcoin(inefficient) today, then tried to spark a selloff by selling off a huge amount. normal day in the fx market
aigerimomar10
⋅
Elliot waves suggests - we gonna have one more dump to 43-40 Are you still bullish on crypto? Or this was the Top? And we going to consolidate for 2-3 month in bottoms?
BrandonrG
⋅
@aigerimomar10, nah dumps are healthy and this was very much needed. i'd like to see it hit 45k honestly . but no i'm a permabull. nothing has changed. well the excessive kraken ordeal was not needed but pullbacks are good. mind you i'm looking out at the 50 day cycles and beyond not the daily
BrandonrG
⋅
@aigerimomar10, everyone always gets bearish on one pullback lol. its a good time to buy
On point 🤝
I was sleeping when this dump happened....I would die from stress I guess....