WTF is going on with btc on Binance?

[mikeywith]

look at this shit! happened earlier today.







Low volume, Smaller Market cap > pump and dumps/ spoofing ?

are we going to see more of these manipulations ?

will regulations be important to stop the whales of doing this shit ?

I see such thing on shitcoins on many exchanges, but seeing this on BTCUSD is scary !

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[exstasie]

look at this shit! happened earlier today.



Low volume, Smaller Market cap > pump and dumps/ spoofing ?

are we going to see more of these manipulations ?

will regulations be important to stop the whales of doing this shit ?

I see such thing on shitcoins on many exchanges, but seeing this on BTCUSD is scary !

It was just a large market sell on Binance. Perhaps it was intended to run stops, but more likely it was just a panic seller with a bunch of coins. The rest of the market didn't follow at all so it wasn't coordinated.

I wouldn't consider it manipulation. Whales should be able to market sell if they want to. In regulated markets, if the price moves far enough there would be trading halts, but I see no reason to suspect illegal activity.

[mikeywith]

look at this shit! happened earlier today.



Low volume, Smaller Market cap > pump and dumps/ spoofing ?

are we going to see more of these manipulations ?

will regulations be important to stop the whales of doing this shit ?

I see such thing on shitcoins on many exchanges, but seeing this on BTCUSD is scary !

It was just a large market sell on Binance. Perhaps it was intended to run stops, but more likely it was just a panic seller with a bunch of coins. The rest of the market didn't follow at all so it wasn't coordinated.

I wouldn't consider it manipulation. Whales should be able to market sell if they want to. In regulated markets, if the price moves far enough there would be trading halts, but I see no reason to suspect illegal activity.

your theory does apply to every other similar move then ? 

[exstasie]

It was just a large market sell on Binance. Perhaps it was intended to run stops, but more likely it was just a panic seller with a bunch of coins. The rest of the market didn't follow at all so it wasn't coordinated.

I wouldn't consider it manipulation. Whales should be able to market sell if they want to. In regulated markets, if the price moves far enough there would be trading halts, but I see no reason to suspect illegal activity.

your theory does apply to every other similar move then ? 

What similar moves? A $100 wick is nothing. They happen all the time. It's a tiny move for Bitcoin, probably not even worth mentioning. Since the selling was isolated to Binance, it seems logical to assume the spike happened because Binance lacks order book depth. Someone sold into a thin book and the price immediately recovered because none of the other exchanges were trading that low.

[BitHodler]

I really expected to see some crazy shit with what many here consider to be a reputable exchange, and then get hit in the face with a bitch slap. As mentioned above, this movement is peanuts.

You know what real shit is? Ethereum's flash crash to $13 a few days ago on Coinbase Pro. These things even happen on stock markets, so it's definitely not related to crypto alone. Software isn't perfect. It messes up some times.

https://thenextweb.com/hardfork/2018/12/06/coinbase-ethereum-price-collapse/

[Remember remember the 5th of November]

The 3250 price point(and 2980 before it) was a major support. Lots of people would eye that particular price point for a sell entry, say 3240 or 3230, so a dip to 3222 would activate these orders, but then the price might rebound to previous levels thereby liquidating these sell orders and busting people.

[mikeywith]

It was just a large market sell on Binance. Perhaps it was intended to run stops, but more likely it was just a panic seller with a bunch of coins. The rest of the market didn't follow at all so it wasn't coordinated.

I wouldn't consider it manipulation. Whales should be able to market sell if they want to. In regulated markets, if the price moves far enough there would be trading halts, but I see no reason to suspect illegal activity.

your theory does apply to every other similar move then ? 

What similar moves? A $100 wick is nothing. They happen all the time. It's a tiny move for Bitcoin, probably not even worth mentioning. Since the selling was isolated to Binance, it seems logical to assume the spike happened because Binance lacks order book depth. Someone sold into a thin book and the price immediately recovered because none of the other exchanges were trading that low.

a 100$ wick on a  1 minute candle on BTC and on Binance is not something that happens all the time, if it does, please post a few screen-shots of a similar wick on Binance.

now i could be wrong because i do not pay much attention to the lower time frames, and on the daily/weekly charts which is mostly use it's hard to sport such actions. but i still thing it's strange, unless someone can point out a few similar situations.

[exstasie]

a 100$ wick on a  1 minute candle on BTC and on Binance is not something that happens all the time, if it does, please post a few screen-shots of a similar wick on Binance.

Maybe you could explain why it's a significant event?

1-minute granularity isn't available going back very far. My charting site only has it going back to December 3rd. On December 6th, there was a $101 1-minute candle though. I can tell you from experience that a 3% move is nothing in Bitcoin.....that much should be obvious from the charts. Wicks are exchange-specific and just indicate low order book depth. 

now i could be wrong because i do not pay much attention to the lower time frames, and on the daily/weekly charts which is mostly use it's hard to sport such actions. but i still thing it's strange, unless someone can point out a few similar situations.

Watch the charts for a few more weeks (or months or years). And watch more than one exchange. I doubt you'll remain surprised by moves like this if you stick around for a while.

[thecodebear]

a 100$ wick on a  1 minute candle on BTC and on Binance is not something that happens all the time, if it does, please post a few screen-shots of a similar wick on Binance.

Maybe you could explain why it's a significant event?

1-minute granularity isn't available going back very far. My charting site only has it going back to December 3rd. On December 6th, there was a $101 1-minute candle though. I can tell you from experience that a 3% move is nothing in Bitcoin.....that much should be obvious from the charts. Wicks are exchange-specific and just indicate low order book depth. 

now i could be wrong because i do not pay much attention to the lower time frames, and on the daily/weekly charts which is mostly use it's hard to sport such actions. but i still thing it's strange, unless someone can point out a few similar situations.

Watch the charts for a few more weeks (or months or years). And watch more than one exchange. I doubt you'll remain surprised by moves like this if you stick around for a while.

also that's a 5 minute wick anyway. Really there is nothing remotely weird about that. Someone probably just sold a good sized order, perhaps they made a typo and sold $100 lower than they intended. That wick is completely normal. There have been a so so many times when the price has moved $100 in a few minutes.

[Pursuer]

long story short you are surprised about a 3% price drop in a market that is going up and down at least 10% per day and it has the record of up to 40% drop in a short time.

not to mention all the stupidly coded bots that exist on these exchanges which go nuts sometimes and make strange orders and on top of all that newbies with lots of money who think these bots are magical so they give them a lot of control then lose money...

[buwaytress]

I really expected to see some crazy shit with what many here consider to be a reputable exchange, and then get hit in the face with a bitch slap. As mentioned above, this movement is peanuts.

You know what real shit is? Ethereum's flash crash to $13 a few days ago on Coinbase Pro. These things even happen on stock markets, so it's definitely not related to crypto alone. Software isn't perfect. It messes up some times.

https://thenextweb.com/hardfork/2018/12/06/coinbase-ethereum-price-collapse/

Seems like there's always going to be these occasional flash crashes, and Coinbase, for all its robust proprietary software, seems to be extra prone to these type of events. Singapore's first bitcoin related international court case is also regarding this, though in that case it was the exchange that was on the losing end. Also recall all those protests outside South Korean exchanges when traders lost all their orders to stops during flash crashes.

Whether manipulation or glitches, that's the risk you get trusting software and orderbooks you can't predict.

[fasdorcas]

When one big huge sale happens that type of extraordinary stuff happens in all exchanges. It is not a binance thing, there was once a time when someone sold a lot of ethereum and it dropped the price to just couple cents for a quick second and it shot right back up when the order was filled. That type of thing always happens once in a while, it is not a problem with binance or it is not a problem with their system.

It is just a huge whale selling a lot of bitcoin for whatever price they can just to get out and that causes the price to drop significantly all of a sudden but when their order is filled and completed the price goes back to what it was and that takes only a single second or so and doesn't continue for a long time. Hence there is no need to worry about those things and just hope you catch one of those one day.

[Indamuck]

It's smart to set some very low buy orders in case a major flash crash happens.  I've seen it happen a few times before and the stop losses keep triggering until it cascades to a very low price.  The problem is picking the right exchanges that it will happen on because it is a very rare occurrence.  Set some low buy orders and hope you get lucky.

[cryptocrusher]

So a 3% movement when we tend to see a daily variation of 10% or more. Does not seem like anything of any significance. Probably just someone panic selling a bucketful of btc or maybe a mistaken market order instead of a limit order.

[qualitywork]

This the nature of trading mate we cannot do anything here, the value may go higher only if the big whales involve and invest a lot of money. Cryptocurrency is the future for sure guys this is not the end, let's have patience and wait for few more weeks.

[Harlot]

A user probably anticipated  or panicked  on such price point thinking that it will fall down much deeper or he may have entered the wrong amount when he is selling, users entering the wrong amount is common especially if they don't use stop loss functions. This have happened on various occasions and long wicks like this don't really mean anything even without the volume, as you can see the closing price on it is way above where the wick fell. And you are looking at a 5 minute chart which a lot of things can happen, you will see that the prices of Bitcoin are recovering on the succeeding candles.

[1Referee]

It's smart to set some very low buy orders in case a major flash crash happens.  I've seen it happen a few times before and the stop losses keep triggering until it cascades to a very low price. 

Easier said than done. It always happens when you don't expect it, and when you try to prepare yourself for it, you'll give up after a couple of week or months at most, because you are not utilizing your money the way it should be utilized. On top of that, it's never a good idea to leave any sort of funds on an exchange for a long period of time.

The problem is picking the right exchanges that it will happen on because it is a very rare occurrence.

It can happen on ANY exchange, so you're not going to gain anything by "researching" what exchange is the right one to pick. The main concern is even if you manage to catch a flash crash, that the exchange won't screw you over and rolls back the trades if it concerns a market mover having made a mistake. With what I said above; too much risk, too much time wasting, very little to no reward. Bad deal.

[figmentofmyass]

It's smart to set some very low buy orders in case a major flash crash happens.  I've seen it happen a few times before and the stop losses keep triggering until it cascades to a very low price. 

Easier said than done. It always happens when you don't expect it, and when you try to prepare yourself for it, you'll give up after a couple of week or months at most, because you are not utilizing your money the way it should be utilized. On top of that, it's never a good idea to leave any sort of funds on an exchange for a long period of time.

i don't mind leaving USD on an exchange like coinbase pro, especially deep into a bear market when i think capitulation might be incoming. they're very compliance-oriented, licensed, and FDIC-insured. coinbase is also where we've seen some very nice flash crashes in ETH. that's where my stink bids often are.

i definitely wouldn't leave funds on exchanges like bitfinex though.

[kryptqnick]

Low volume, Smaller Market cap > pump and dumps/ spoofing ?

are we going to see more of these manipulations ?

It was just a large market sell on Binance. Perhaps it was intended to run stops, but more likely it was just a panic seller with a bunch of coins. The rest of the market didn't follow at all so it wasn't coordinated.

I wouldn't consider it manipulation. Whales should be able to market sell if they want to. In regulated markets, if the price moves far enough there would be trading halts, but I see no reason to suspect illegal activity.

your theory does apply to every other similar move then ? 

But isn't this what really happens most of the time? Pretty rich people might panic and sell their coins. And some people might sell coins at the same time because of reading the same article that was recently published or something like that. I think that such patterns are pretty natural in this market and that it's not the courtesy of some pump and dump groups. We gotta stop blaming some mystical 'whales' or groups that spoil the market. It's us, the community members, many of whom cannot hold it together and are not willing to take the risks and are behaving egoistic.

[coin8coin8]

This kind of instant dumping is very common. The dumpers may not be the traditional crypto players. They may be hackers, or some merchants who accept crypto payments, so they must turn their crypto into legal as fast as possible currency. In this case, dumping is not considered cost-benefit.