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Unexpected Bitcoin’s 5% Crash

by Natalie Christie

The crypto market experienced a 5% crash in Bitcoin on March 3, 2023, which caused liquidations to increase to around $243 million in the past 24 hours. While the crash came shortly after Silvergate Bank revealed operational challenges and many crypto companies abandoned ship, the nature of the crash seemed too quick to be a direct result of the turmoil. Intra-day trader and creator of delta-based trading systems 52 Skew took to Twitter to explain the cause of the crash. According to Skew, the crash was caused by a large Binance spot sale directly into an area of stacked up longs, which triggered a margin call. This margin call led to a sharp margin cascade, causing the Bitcoin‘s 5% crash. The crash has caused a lot of speculation in the crypto market, with many investors wondering what the future holds for Bitcoin and other cryptocurrencies.

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