{"id":418556,"date":"2020-03-18T17:00:33","date_gmt":"2020-03-18T17:00:33","guid":{"rendered":"https:\/\/wncen.com\/?p=418556"},"modified":"2020-03-18T15:41:39","modified_gmt":"2020-03-18T15:41:39","slug":"cryptocurrency-exchange-order-books-are-a-ghost-town-data-shows","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/cryptocurrency-exchange-order-books-are-a-ghost-town-data-shows\/","title":{"rendered":"Cryptocurrency Exchange Order Books Are a Ghost Town, Data Shows"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">Last week, the <a href=\"https:\/\/wncen.com\/2020\/03\/17\/crypto-market-panic-selloff-barely-fazed-long-term-holders\/\">cryptocurrency market<\/a> collapsed alongside the stock market and the rest of the world of finance.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">After the fallout, cryptocurrency exchanges have been left a ghost town, according to data extracted from order books of top trading platforms.<\/span><\/p>\n<h2>Cryptocurrency Exchange Order Books Empty, Market is a Ghost Town<\/h2>\n<p class=\"p1\"><span class=\"s1\"><a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> and the rest of the cryptocurrency market experienced among one of the worst selloffs in the asset class\u2019s short ten-year history.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The collapse in cryptocurrencies hit alongside historic losses in the stock market, <a href=\"https:\/\/wncen.com\/2020\/03\/16\/no-haven-safe-silver-gold-and-other-precious-metals-nosedive-alongside-bitcoin\/\">gold, silver<\/a>, 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.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2020\/03\/17\/crypto-market-panic-selloff-barely-fazed-long-term-holders\/\">Cryptocurrency Market Panic Selloff Barely Fazed Long Term Holders\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">The madness left the <a href=\"https:\/\/wncen.com\/2020\/03\/17\/crypto-market-panic-selloff-barely-fazed-long-term-holders\/\">cryptocurrency market in shambles<\/a>, and order books a ghost town, according to data extracted by one crypto analyst. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">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.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Talking about low liquidity, this is XBTUSD at 7000s right before the drop, and at 5000s after.<\/p>\n<p>Only orders above $1M are shown, truly a ghost town <a href=\"https:\/\/t.co\/ooG5wovVCf\" rel=\"nofollow\">pic.twitter.com\/ooG5wovVCf<\/a><\/p>\n<p>&mdash; red (@redxbt) <a href=\"https:\/\/twitter.com\/redxbt\/status\/24688129?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 18, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">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.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">It\u2019s 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.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Without liquidity, asset prices move rapidly and with extreme volatility, which is why we\u2019re currently seeing <a href=\"https:\/\/wncen.com\/2020\/03\/17\/bitcoins-minute-by-minute-correlation-with-stock-market-may-signal-disaster\/\">hundred dollar price fluctuations back and forth<\/a>, without a clear break of any range.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">It\u2019s a dangerous environment, as any large-sized orders can clear out what little exists in the order book, tanking prices as a result.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The madness could cause <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> 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.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2020\/03\/13\/market-cycle-psychology-crypto-anxiety\/\">Market Cycle Psychology: Did The Cryptocurrency Market Just Enter Full Anxiety Phase?<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">The one caveat is that this may be a deterrent preventing bigger buyers from taking a position in <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a>, 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.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">On the flip side, any large selling could also be deterred at this point, given the currently low prices and <a href=\"https:\/\/en.wikipedia.org\/wiki\/Market_liquidity\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">lack of liquidity<\/a> being a recipe for disaster. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">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 \u2013 however, such a scenario cannot be ruled out during a <a href=\"https:\/\/wncen.com\/2020\/03\/04\/coronavirus-bitcoin-black-swan-event-cryptocurrency\/\">black swan event<\/a> steeped in uncertainty.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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\u2019s 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\u00a0 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 &mdash; 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\u2019s 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\u2019re currently seeing hundred dollar price fluctuations back and forth, without a clear break of any range. It\u2019s 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 \u2013 however, such a scenario cannot be ruled out during a black swan event steeped in uncertainty.<\/p>\n","protected":false},"author":517,"featured_media":418558,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,9171,6664,2766],"class_list":["post-418556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-crisis","tag-crypto","tag-liquidity"],"acf":[],"yoast_head":"\n<title>Cryptocurrency Exchange Order Books Are a Ghost Town, Data Shows<\/title>\n<meta name=\"description\" content=\"Last week, the cryptocurrency market collapsed alongside the stock market and the rest of the world of finance. 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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\u2019s 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\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. 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