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Man That Flash Crash Was Scary Yesterday by whatageek

View this thread on: hive.blogpeakd.comecency.com
· @whatageek ·
$37.20
Man That Flash Crash Was Scary Yesterday
![crash215512_640.jpg](https://images.hive.blog/DQmYmEoESRU7UXsQSi2LE8fAyp4LjXFaRZeG4NbNTj9145R/crash-215512_640.jpg)
Yesterday was a pretty stressful day for the crash if you watching the market. We are talking 30% plus drops on some coins in minutes. For me I remember refreshing coinmarketcap and seeing bitcoin down 2 more k during the refresh. Bitcoin went down over 10k and other coins followed going down even more. It was a brief drop but it was hard and fortunately we recovered ot about half of were the drop was. This is still a lot but for us in crypto for a long time 10% isn't that big of a deal. But a drop of 20% in minutes does shake even the veterans. 

### So What Happened?

Yesterday was the day that Bitcoin officially became a currency in El Salvador. There was also people posting they everyone should buy 30 dollars of bitcoin yesterday. These two things caused a lot of hope in the market and I think a lot of people leveraged long thinking we are going to the moon.

### Buy The Rumour Sell The News

However what happened was the opposite of what the leverage traders were hoping for, There is a saying crypto (and stocks) that you buy the rumour and sell the news. This would have been a classic example of that as people were buying before the day and then a lot of people sold when the event actually happened. This could explain why the price went down but not why it went down so much so fast.This was because of the long squeezes.

### Long Squeezes

Since there were so many leveraged longs in play when the price started to drop these longs got squeezed out and more people had to sell to cover. I'm guessing you probably had people with 10x-100x longs which is very VERY risky and something you should only do if you are okay losing everything really fast. This is high risk gambling and when a price drops people will loss all their bitcoin. Yesterday the long squeeze took 2 billion dollars in minutes. This kept dropping the price and this is why you saw such a sharp spike in such a short period of time.

### I'm Extra Antsy

This has happened before this year and usually I would not sweat it. But as we are nearing the time that is close to a possible bear market according to the S2F model I'm a little skittish. I was her in 2018 at the drop and I know how bad it can get. I do want to get a lot out before then if that happens and although I think it will be November/December if it happens (maybe January/Feb) there is no guarantees and we can enter a bear at any time. Maybe it doesn't even happen but until I get enough out I'm on high alert.

### Markets Calm Today

Nothing exciting happened today but it is good to see the bleeding stopped. I hope to see us go up in a couple of days as I'm still nervous the drop continues and Septembers are usually bad for Bitcoin. Time will tell, but I'm checking coin market cap more than I want to over the couple of days.

### Leo Is Still Here To Stay

The good thing is no matter how bad the crash is I can still post on Leo and keep making my money for the next run. I plan on buying a lot of things if the market does go back down to low numbers so there is always a positive in the market depending on how you look at it.

Time will tell were we head from here and I hope to see that climb to ATH (maybe even the 100k) in the months to come but yesterday did shake me a bit. 




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@coininstant ·
$0.19
No Fear, buy the fear!
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@fabian98 ·
I saw that craziness too, but I'm glad he recovered quickly.

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@whatageek ·
Me too

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@finguru ·
It was a nice save! Finally we are back on track to the moon. πŸŒ™ 

I hope not many people lost money by panic selling. 

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@whatageek ·
Me too but I'm sure a lot of ppl did. Not to mention those who got liquidated.

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@gangstalking ·
Electronic-terrorism, voice to skull and neuro monitoring on Hive and Steem. You can ignore this, but your going to wish you didnt soon. This is happening whether you believe it or not. https://ecency.com/fyrstikken/@fairandbalanced/i-am-the-only-motherfucker-on-the-internet-pointing-to-a-direct-source-for-voice-to-skull-electronic-terrorism
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@jmsansan.leo ·
You mean flash sales like in Steam.

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@whatageek ·
lol Yeah someone got in cheap

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@joseph23 ·
I totally agree with your last paragraph. Come dip or bull there is always an avenue to make money. 
Is similar to the post I shared this morning, explaining how people are making money even during the dip because they positioned themselves. 
It is sad that people are more focussed on price during their investment. 

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@whatageek ·
For sure there is always opportunities, there are actually more when the price is down technically. 

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@leopuma ·
As Taskmaster4450 often says, *Price fluctuations are not important to an investor.* or words to that affect.

Sure, price going up is great but not the reason I stay with HIVE and more specifically @leofinance. I believe that both have a great future. I am too dumb to mess with day trading. I have tried it and ain't no good in that endeavor!

The core developers, witnesses (block-producers), content creators, and curators have vision. I do too.

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@whatageek ·
Yep if you are here to stay long term these drops don't matter.

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@looftee ·
I remember once I was 10x long on bitcoin in 2017-2018 something. And it dropped from 12-13k to 7k in a day.
The moment I learned about long squeeze.

Then, I was 10x long again at 6000. I got liquidated againπŸ˜‚

Leverage trading was good old times. Never againπŸ˜„
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@whatageek ·
Sadly a lot of us in crypto learn the hard way. I have some bad investments that taught me a lot over the years.

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@onealfa.leo ·
![BOOM1.jpg](https://images.hive.blog/DQmNgEJdWJwnTiWBbqq4BaoUPiC7b1ZSLQfXDeW7ssJphHt/BOOM1.jpg)

![toruk_washere_new3leo.jpg](https://images.hive.blog/DQmXa1mqNP2idcwduZgUuQgm3YfmdojcHRfJDmYYnGX3Syw/toruk_washere_new3leo.jpg)

Read [how this all have started](https://leofinance.io/@onealfa/toruk-was-here) with Toruk

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@whatageek ·
Thank you mighty toruk.

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@onealfa.leo ·
Crash? What crash?
HODLers have not even noticed...

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@whatageek ·
lol no joke. If you slept through the crash you would've only seen a 10% correction.

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@whatsup ·
$0.08
It was a pretty crazy drop.  I had just opened a long on SOL.  However, the quick recovery on SOL saved me.

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@whatageek ·
$0.11
Nice, yeah Sol held on strong. Glad you didn't get liquidated. 

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@williamtboy ·
That day drop, didn't shake me alot because I know something must happened as a result of El Salvador news.One thing I did was I didn't trade any trade.i have outstanding trade since Friday USDCHF, which I got my profit that day.No Crypto currency trade, because I'm a forex trader.
Where I felt it small was on my Crypto currency investment because I invest for 3 or 5 years before I check it.
I know those crypto currency that sell will still undergo correction and form support, for the bull to take over.

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@whatageek ·
Good mentality to have. 

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@williamtboy ·
Thank you

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