This is not the first time Kraken is seeing this kind of “flash crash”, Trustnodes noted a similar issue in 2018. The report indicated that such incidents usually occur in a “fat finger error.” when a trader accidentally entered the wrong number during a trade.
For Cardano (ADA), the month has been a remarkable one. ADA remains in a strong uptrend and has broken into the top-three cryptocurrencies by market capitalization for the first time. ADA also traded to yearly highs of $1.26 on Feb. 26.
On Feb. 22. Bitcoin (BTC) kickstarted a correction that triggered a major downturn throughout the entire market. Bitcoin price plunged severely from highs of $58,367 to reach lows of $44,888. Ethereum price also fell under intense pressure, plunging to lows of $1,356 from recent all-time highs of $2,041. This isn’t far-fetched as historical data reveals the end of February usually highlighted a corrective phase for the crypto market.
While history may not always repeat itself, but history rhymes and historical data often provide insight into how market cycles work. This history could be read from Bitcoin’s weekly chart. A renowned analyst highlighted that previous data from BTC weekly chart indicated that March tends to be a period of correction or consolidation.
BTC/USD March 2020 Low
One thing to note in this kind of prediction is that there are no absolutes. the trend of institutional buying coupled with a shift towards cryptocurrencies following Visa and Mastercard increased fees amid inflation concerns may alter the trend pathway previously set in March.
Other variables may be incoming US stimulus checks and, according to Deutsche Bank strategists, they could unleash a $170 billion wave of fresh retail inflows to the stock market. Their survey also discovered that 37% of retail investors planned to put their stimulus cash directly into equities.
Cardano (ADA) protocol, announced that the “Mary” protocol update will be applied to the mainnet on March 1. The update could see ADA’s remarkable recent price drive continue even further.