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SOTM May 13-19, 2021

In retrospect, it was inevitable. This past week we saw a pullback in markets, leading to a selloff that brought Bitcoin back down to a low of around $30k. On May 18th alone we saw roughly $8.5B in liquidations. The surge in activity resulting in downtime for many exchanges including Coinbase, Binance.US, Kraken, Gemini and Bitstamp. It is still unclear what the exact catalyst of the selloff was, however, the price on Bitcoin had been drifting lower over the past few weeks, eventually hitting liquidation levels that sparked selloff across most other assets. News events surrounding this move included a regurgitation of China’s prohibitive stance on crypto currencies, a more serious investment in U.S. tax collection surrounding crypto, and a possible soon start to Fed discussions around quantitative tightening. When it rains it pours!
The post SOTM May 13-19, 2021 appeared first on Coin Metrics .

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