The Spring Festival is approaching, which should be a prelude to celebration, but this year seems to be not going to be easy. Grayscale's market crash in the past few days has made people a little breathless.#Bitcoinhas fallen all the way from 49,000 and is struggling at the 40,000 mark, which is worrying. Unexpectedly, at this critical juncture, OKX adds fuel to the fire!
What’s worse is that just now, #OKB short-term plunge to 25.10 USDT, and then rebounded to above 45 USDT. The sharp drop and surge made the market, which was already treading on thin ice, become a frightened bird, and the market plummeted! #BTC Easily broke through 40,000 and went straight to 38,000. The altcoins gave up resistance and fell into pieces.#ContentMining
Why is this happening? It is said that the main reason for the sharp drop in the OKX platform coin is that the ICE project team previously published a statement on the X platform stating that they rejected other trading platforms because they believed in OKX's reputation. After the ICE token was launched on OKX, it received a large number of complaints from the community because users in restricted areas could not access and purchase ICE tokens. At the same time, some KOLs published articles stating that ICE was not an isolated case, which caused the market to question the integrity of the OKX platform.
Regardless of the reason, the worst hit in this market crash are the leveraged users whose positions were liquidated! According to Coinglass data, $117 million of the entire network was liquidated in the past hour, including $25.2502 million of ETH and $25.1033 million of BTC; $116 million of long positions were liquidated and $1.2303 million of short positions were liquidated.
However, it is not only the contract users who have been hit hard, this time even the borrowers who use extremely low leverage have not been spared. The screenshot below shows an OKX user named Zhu Shaopeng complaining to his friends that his millions of U assets have been liquidated! The loss is heavy! There is no solution yet.
#okb暴跌 After that, how will the authorities deal with it? We will continue to pay attention to it. Smart friends can also use your lucky hands to leave a message in the comment area and predict an OK solution.
The lesson is painful, and it reminds us once again to remember two old sayings in the cryptocurrency world:
1. Even in a bull market, it is not uncommon for BTC to retrace by more than 40%.”
2. Never use small coins as collateral for heavy positions!
Whoever forgets these two old sayings may die in the bull market.
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