Why BITCOIN CRASHED Overnight – Flash Crash EXPLAINED (Crypto News)


Hey guys, how’s it going? It’s Brendan here from hyped on crypto I hope all of you guys are having a good morning evening wherever you guys are from and I’m sure a lot of you guys Are wondering what happened to cryptocurrency to make it crash over $600 in the last 12 hours so we’re gonna be explaining what happened in what caused this as well as to give you guys an idea as to what kind of Indicators show that something like this is coming So if you guys are interested going stick around for the video and do not forget to hit the like and subscribe Button as it does about the channel a lot with that being said, let’s go ahead and jump on into today’s video So when looking into this flash crash there was a couple of things that played into factor here that helped contribute to Dropping the price of Bitcoin and all the other cryptocurrencies with it The first part was that India banned their banks from helping out cryptocurrency related companies now this might not seem so bad at first but going into the specifics of this it gets a lot worse for any company that even wants to deal with cryptocurrencies any Company that wants to show you support or own it or even have any sort of affiliate with cryptocurrencies in any way Their banks will ban them and no longer help them in any way So whether if that’s loans or any sort of relationship that they have with the bank Which is essentially any way for a company to be successful They will not be able to do that if they want to deal with cryptocurrencies so India essentially sent an ultimatum out to all of their businesses and companies saying if you have anything to do with Cryptocurrencies, you will be essentially banned or outlawed from all of the banks within India itself Now this plays a pretty harsh part into what we saw with this big drop because what this does is India Businessmen are not going to be allowed to really use cryptocurrency anymore At least not without letting their companies and businesses suffer as a result of this So when this came out yesterday, we saw a pretty hefty crash on the price of Bitcoin and this helped contribute Bitcoin falling over 600 dollars in a matter of 12 hours, but there’s also another thing that played into factor here and this was that Over 17 billion dollars were deleted from cryptocurrency in the last 20 for hours You know a theory unfolding over 7% a lot of this coming from people panicking from what happened in India But also because bit thumb was hacked for over 30 million dollars yesterday now this itself is one of those things because bit thumb has been hacked before and This is a lot of money for someone to lose You know whether this is was all from one person being a whale on a in exchange like this, which I doubt. Um but this was most likely a series of people that were hacked from bit thumb losing collectively over 30 million dollars now this Itself was a second contributor to what caused Bitcoin going from 6700 to 6300 then the 6100 with panic selling playing into effect and Now we find ourselves in between a rock and a hard place on Bitcoin because we’re starting to see ourselves test You know these lower limits that we’ve had in the crash so far So this kind of ask the question is, you know, is it gonna stop here? Are we gonna keep going and I think that it kind of depends on what happens with all these countries? there are a couple things that could get played out here, you know again, I Think India’s being a little bit harsh with their decisions It might not be as bad as the article that I have which will be in the link in the description below It might not be as bad as they are putting it out to be it might just be kind of the news hyping it up Because that’s what a lot of news companies tend to do for views and for recognition is to kind of make things Overdramatic a little bit. So I’m sure it’s not as bad as they are putting it out to be However, this is still something to take note of when looking into when and why a flash crash happens now The third part that plays into effect here is going to be the technical analysis If you guys don’t follow us at all. We have a technical analyst Mitch who livestreams every day twice a day at 3 p.m And at 11 p.m. Eastern Time who had been talking about bearish divergence on the math Dean They’re actually talking about it here as well and having bearish divergence on the MACD on leading up to a crash like this I you know, it was about a night or two ago. He was talking about how Bitcoin itself looking not too good on the charts and falling out of this rising wedge that we had it in So this is going to be Bitcoin right now. And again guys, this is one of those things where if Cryptocurrencies are looking good on both the a-and on news You can you know pretty much get the idea that it’s bullish but if you’re getting both bad news and bad Indicators from the technical analysis. That’s definitely supposed to be kind of a red flag going up for cryptocurrency and getting an idea that something bad could be happening here because if the technical analysis is saying that it could be Going bearish and then the news is coming out saying hey these bad things are happening within the market right now You have a good idea of kind of Assuming that there is a bearish time to come at least some sort of pull back in the market So I hope this video did help you guys I hope you guys did learn kind of a little bit of what bearish indicators are as well as learning What happened in the recent price of Bitcoin? So if you guys did enjoy the video do not forget to hit the like and subscribe Button as it does about the channel a lot But with that being said guys, I’ll see you guys in the next video and stay I hoped You

11 thoughts on “Why BITCOIN CRASHED Overnight – Flash Crash EXPLAINED (Crypto News)”

  1. I honestly don’t believe that it crushed cus of some Indian bank don’t want to deal wit crypto companies…

  2. And have u seen India ?? Wats goin on in there country ?? No wonder they don’t want thier population to succeed, all of there democrats steal from poor !!

  3. I don't think the bithumb hack had much to do with this price move, as it happened more than 24 hours prior. And for India, the government has been saying they're going to outlaw crypto for 6+ months now, as they are mainly afraid their citizens will not pay their taxes. So I don't think India had anything to do with either…

  4. Market manipulation. I see no reason for the current market situation as a natural market response. Yes, the reasons shown would have an overall effect, but not to this extent.

    This really appears to be a coordinated attack on the crypto market. What is the reasons? Are they trying to destroy it or just crash it to get in at rock bottom prices so they can profit as it rises. Hmmm.

  5. Do you realy believe in this shit news or?btc and all shit coin dumping because its summer time.everybody selling.first green day will appear in october

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