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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Cryptocurrency Exchange Order Books Are a Ghost Town, Data Shows

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
cryptocurrency ghost town bitcoin crypto

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Last week, the cryptocurrency market collapsed alongside the stock market and the rest of the world of finance.

After the fallout, cryptocurrency exchanges have been left a ghost town, according to data extracted from order books of top trading platforms.

Cryptocurrency Exchange Order Books Empty, Market is a Ghost Town

Bitcoin and the rest of the cryptocurrency market experienced among one of the worst selloffs in the asset class’s short ten-year history.

The collapse in cryptocurrencies hit alongside historic losses in the stock market, gold, silver, oil, and nearly every other market in the financial world, as investors seek to liquidate their assets into cash to hold through what is the closest event to an apocalypse the world has ever witnessed.

Related Reading | Cryptocurrency Market Panic Selloff Barely Fazed Long Term Holders 

The madness left the cryptocurrency market in shambles, and order books a ghost town, according to data extracted by one crypto analyst.

The analyst shows a comparison of liquidity in crypto exchange order books prior to the fall from $7,000 to under $5,000, against liquidity post drop to below $5,000.

Talking about low liquidity, this is XBTUSD at 7000s right before the drop, and at 5000s after.

Only orders above $1M are shown, truly a ghost town pic.twitter.com/ooG5wovVCf

— red (@redxbt) March 18, 2020

In the first chart, orders can be seen placed at various levels above and below the price action. In the second chart, nearly all of the orders that were once visible have been pulled.

It’s worth noting that the orders were filtered to only show any with a position size over $1 million or more, so there is still buying and selling activity, however, it is these large market maker type orders that are now missing.

Without liquidity, asset prices move rapidly and with extreme volatility, which is why we’re currently seeing hundred dollar price fluctuations back and forth, without a clear break of any range.

It’s a dangerous environment, as any large-sized orders can clear out what little exists in the order book, tanking prices as a result.

The madness could cause Bitcoin and other cryptocurrency assets to collapse to extreme lows. However, the lack of liquidity works both ways, and massive buy orders could drive up the price of the asset very quickly.

Related Reading | Market Cycle Psychology: Did The Cryptocurrency Market Just Enter Full Anxiety Phase?

The one caveat is that this may be a deterrent preventing bigger buyers from taking a position in Bitcoin, as any large buys could wipe out the order book and cause the buyer to pay increasingly higher prices per BTC as they drive the price up against themselves.

On the flip side, any large selling could also be deterred at this point, given the currently low prices and lack of liquidity being a recipe for disaster.

Any large selling at this point would be fueled by cryptocurrency investors willing to take a major loss and risk just to cash out amidst a crisis – however, such a scenario cannot be ruled out during a black swan event steeped in uncertainty.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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