Urgent up and downBTC completed the shortest 'bull bear transition' in history.The explosive pull and sharp drop this time can be clearly seen on the 1-minute K-line
Urgent up and down
BTC completed the shortest 'bull bear transition' in history.
The explosive pull and sharp drop this time can be clearly seen on the 1-minute K-line. In just a few minutes, BTC quickly emerged from multiple positive lines and its upward trend became increasingly turbulent. The market shows that BTC reached a maximum of $30535.
In just 10 minutes, BTC quickly broke through the $30000 barrier from less than $28000
The 10 minute increase was as high as 8.9%.
But after reaching its peak, prices quickly turned sharply downwards. The cow and bear switch, only with a flick of their fingers.
(The market fluctuates so fast that the word 'door' cannot even be drawn)
The reason for all of this comes from Cointelgraph publishing a fake news on the X platform (formerly Twitter).
What happened during the hour of fake news?
At around 9:30 pm Beijing time on October 16th, Cointelgraph's news of "Bitcoin ETF approval" quickly spread throughout the entire market.
Afterwards, Bitcoin immediately began to rapidly rise. The entire market quickly entered
A frenzied bull market sentiment.
But the direction of the market seems not so optimistic. As mentioned earlier, such heavyweight positive news only allowed the rally to continue for a few minutes, and the trend quickly turned around, causing people to feel confused about the market - just like every "black dragon" event, false information cannot support a sustained market trend.
After just a few minutes, people finally realized that things were changing: Bloomberg ETF analyst James Seyfart posted on the X platform that Coindelegraph's "SEC approval of BTCETF" message was suspected to be fake news, and there were no other secondary sources to support Coindelegraph's claim except for Coindelegraph.
In such a farce, within just half an hour, the total amount of contract positions has been liquidated
Up to 100 million US dollars, over 700 million RMB went up in smoke! One of the major players with a $71 million short order was targeted for explosion at 30320, making it the biggest victim of this fake news. Another big whale also lost nearly $50000 within 10 minutes due to the fake news FOMO.
Through this incident, the unregulated and easy to manipulate characteristics of the coin circle have once again been fully demonstrated!Coin circle is a big black hole that kills without seeing blood, eats without spitting out bones! Yesterday, there was a wave of upward pin insertion, and the price remained unchanged, but many people's positions were no longer available.
To survive in the coin market, we need to arm ourselves to the teeth, and the most important thing is to stay away from high leverage and contracts.
Analysis of Popular Counterfeit Coins
Today, let's take a brief look at the counterfeiting. TRB has risen from a bottom of 9 to a maximum of 79, a 9-fold increase, and its circulation has been released, currently in a state of almost complete circulation
This type of shanzhai, as mentioned earlier, is too concentrated in the spot market and only requires a small amount of funds to control the market. Therefore, the risk of early short selling is too high, and chasing long is also a tiger's mouth. Short term trend trading can ignore these external factors, pure technology trading, and trend tracking
Currently, based on market value and holdings,This coin has basically come to an end, and currently the market attention has continued to weaken. From the graph, yesterday's upward pin insertion almost completely plundered the bears. Currently, it is a form of three wheel drive construction. Although the price reached a new high yesterday, the trading volume cannot keep up with it
Can consider layout of medium to long term short orders, light positions, time for space exchange, target below 30, stop loss above 67
A noteworthy event!
Our primary market linea is here again
Tomo caused a lot of commotion due to the team members of Galxe, Polychain, and Ankr entering as soon as it was launched, and many top KOLs in the Chinese community have already entered
The FrendTechfork on NewBitcoin City has also grown significantly in recent days, and currently TVL has also grown to 1MTVL, mainly consisting of English speaking players
The upgrade to Cancun is approaching, and many L2 players have launched different activities. Arbitrum has restarted its second week of Oddssey activities, and MetisJourney has offered a $5 million reward. At the same time, Canto's performance is also good, with the low point doubling so far. Stay tuned
$APE, $AXS, $FLOWWaiting for coins to unlock in large amounts, pay attention to the risk of crashing the market
The early launch of $BIGTIME has caused many people in the market to refocus on the Gamefi field. You can pay attention to it$GALA, $MCWill waiting for coins benefit
Hello everyone, I am Da Zhu
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