The Bitcrypto-coin market has reeled from a massive deleveraging event this week, falling below the 2017 $20k ATH. Both on-chain DeFi markets, and off-chain entities deleveraged, as exchanges, lenders, and hedge funds were rendered insolvent, illiquid, or liquidated.
The Bitcrypto-coin market has reeled from a massive deleveraging event this week, both in on-chain DeFi markets and off-chain as exchanges, lenders and hedge funds being rendered insolvent, illiquid or liquidated. The market sold off below 2017 $20k ATH on 18-June, reaching a truly remarkable low of $17,708. Prices did, however, recover the $20k level on Sunday.
With Bitcrypto-coin and digital assets being the only tradeable instruments over the weekend, macro fears and demand for dollar liquidity appear to have been taken out of the space. As a result of this extreme deleveraging event, we have started to see signals of capitulation across a number of entities, including miners, Long-term holders, and the aggregate market.
In this edition, we will explore these various sectors to assess whether maximum pain has been reached or not.
This Week On-chain is now being translated into Spanish, Italian, Chinese, Japanese, Turkish, French, Portuguese, Farsi, Polish, Hebrew and Greek.
The Week Onchain Newsletter has a live dashboard with all featured charts