What's Up STACKERS!
You did read that title right! Steem just had a one of those "Flash Crashes" to .04 cents a few hours ago. A missed opportunity if you say so myself.
So what did really happen? No one really knows for sure. 🤷♂️
It could of been caused by a whale, a trading group, manipulation, or one of those "fat finger" mistakes some people do but I highly doubt it...
All I know is that tons of people who had buy orders already placed in on Binance got some really cheap ass Steem!
Last year, I had lots of "very low" market orders in placed on dozens of cryptocurrencies just in case a "fat finger" opportunity like this rises.
However, with the bear market in tact. I didn't have any "low" buy orders on Steem because the only pairing Binance has is STEEM/BTC. (In other words, you need to have bitcoin to set a market order).
If Binance had a Steem/USDT or Steem/TUSD, I would of banked a lot of Steem and became a whale instantly! (maybe) hahaha.
Kinda confused? A good example is placing a buy order for Bitcoin at $1500 (BTC/USDT) right now and if a huge flash crash happens, you automatically buy it at that price. 📈📉
We seen a similar thing happen to ETH in December in which tons of sell orders (or a fat-finger mistake or manipulation) came through and those who already had a buy orders placed got ETH for around $15. 😨
This happens all the time in the crypto space but are really rare. I recommend that everyone should have a Binance account at least.
You can open a Binance Account Here.
I don't advice people to hold a lot of "Crypto" on exchanges.
However, Binance has been a top crypto exchange for over a whole year and having a little BTC or some Stable Coins can be huge by placing lots of low buy orders on several coins.
So what that being said, no one knows for sure what causes this huge flash crash of Steem. I just hope it wasn't Steem INC. selling but I doubt it. Anything is possible in the world of crypto. 💁♂️
Keep On STACKIN! 💞 Charles FuchsFor those who's interested in following my "Content" and "Daily" Posts... you can just follow me @stackin to get my updates.
