Grandmaster Flash Crash Takes Crypto Market Back A Week

Last Updated on 8 September 2021 by CryptoTips.eu


Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]

It’s like a jungle sometimes, it makes me wonder how I keep from going under. Yes Grandmaster Flash and the Furious Five knew what they were talking about 40 or so years ago already. The crypto market also wondered how it kept from going under when the market, which had steadily been climbing for a week now, got overheated and experienced a flash crash. At the time of writing, most major cryptocurrencies are still down at least 14%. Dutch analyst Michael van de Poppe claims there are plenty of opportunities at this point.

Taking a further look at the CoinMarketCap top 100 overview, we can see that Bitcoin itself is down 4% in the past week. It had been steadily rising and has now returned all its profits of the former seven days, so overall we are back at the same point

YouTube video

Analyst Willy Woo summarized the feeling of onlookers best when he said:

Not entirely sure WTF just happened, but that’s the sequence of events. The sell-off was mainly on derivative markets (like most crashes).

Fear and Greed

As always, Cryptotips provided a steady hand and a warning. Loyal readers will notice the last paragraph of our market overview yesterday which spoke about the overheating Fear and Greed index.

We stated:

Problem is that whenever this zone was reached for a few days in a row, it could also be a reading that a corrective move could be coming. So as always, do your own research and beware of what may come.

24 hours later and it looks like a whole new world. Not that the trend has changed too much though, we’re still bullish in the long term. But beware of sudden spikes up or down.