April 19, 2021

April 18, 2021 - Milestone Day for the Market

There was nothing, no warning. Lately the lion's share of altcoins showed enviable growth. However, something went wrong on Sunday morning. The market obviously experienced some sort of “system failure”. As a result, the price of most coins dropped by at least 15%. 

The king of crypto had gone down the $51.541 level. The coin with a stellar reputation fell by more than $10,000 in less than 24 hours. It tested the minimum of March 26. A bit later, BTC / USD managed to return to the area above $57,000. However, despite this, digital gold was still in the red zone in daily (-8%) and weekly (-4%) terms.

Altcoins are having some hard time right now

The situation is even worse here. Ripple fell by almost 30%, Bitcoin Cash and Bitcoin SV showed an even greater drop.

The global correction in the market caused the liquidation of more than 1 million positions worth $9.8 billion. BTC got the majority of all liquidations ($5.1 billion). 

Despite the fact that the market quickly won back a significant part of the losses, 92% of the liquidations were in long positions. This means that the main losses were incurred by the buyers. Almost half of all liquidations ($4.8 billion) occurred on Binance, the # 1 cryptocurrency exchange. The second place was taken by Huobi, a cryptocurrency exchange with a high-quality trading platform, with liquidations worth $1.7 billion.

What could have caused the flash crash?

Analysts are left to wonder: What kind of event would lead to that? As well, it was suggested that the US Treasury Department wanted to bring charges against several firms. They say they laundered money through virtual currency.

How did this affect our platform?

Of course, such an event could not but affect Equite. Due to this whole fiasco, the investor's PAMM account with $100,000 was liquidated. Investors lost their funds.

It's our chance to get better!

High returns are always associated with high risk. We warned our users about the risks and everyone made their own decisions. We are constantly improving and plan to make the system better.

In the near future we will add:

- additional warning about high investment risks;

- setting the leverage used by the trader when creating an account;

- display of the account leverage for investors;

- display of the number of investors in the account;

Expanding settings:

- additional periods of profit-taking: 1/7 days;

- automatic processing of withdrawal requests;

- reinvestment of profit;

- withdrawal of funds up to a certain amount upon request.

In the future, we plan to implement:

- control of the leverage by the platform;

- control of the stop loss by the platform;

- Binance Spot support.

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