Tuesday, December 6, 2022
HomeBTCCrypto market records August 19 as second most disastrous day for crypto...

Crypto market records August 19 as second most disastrous day for crypto traders in Q2-Q3 of 2022

Santiment, a blockchain research platform on August 20, shared the statistics of its automated analysis system via tweet, reflecting the sudden spike of pessimism in the trader’s community. In terms of aggregated volume in long/short liquidation across all assets, August 19 was the second most disastrous day for crypto traders in Q2-Q3 of 2022. 

Closely analysing the messages on crypto Twitter, in the last 24 hours many crypto Twitter accounts used the word “rekt” more often than any other day of the year. Notingly, this word even surpassed both the Terra (LUNA) collapse and the May-June sell-off.

“Rekt” is among the most famous words in crypto slang. It is the edition of “wrecked” in broken English; crypto market traders use it to portray forced liquidation of the position (long/short) or different sorts of failure in trading.

Overnight on August 19, 2022, the top two cryptocurrencies viz. Bitcoin and Ethereum fell below $20,800 and $1600 respectively. Moreover, both cryptocurrencies have touched their monthly lows.

The statistics of the Coinglass tracker (earlier Bybt) shared on August 19, revealed that more than $562 million were erased in long positions across all the asset classes.

Moreover, traders who were in short positions also lost the equivalent of $80 million. Yesterday, social media sentiment was worse than on June 13, when the traders lost a total of $1.15 billion in both longs and shorts.

Read more:
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

five × 3 =

- Advertisment -

Most Popular