So today was settlement at OKCoin, and there was a hanging margin call which I mentioned in a previous post. Many traders were concerned that in the event of a selloff, this lingering liquidation would stack socialised losses that the system would not be able to sustain, as the insurance fund was wiped out.
But have no fear, the Woodchipper is here! There was some interesting price action not only in the Futures market but in the Chinese spot market for bitcoin. As can be seen in the image above, OKCoin CNY, along with Houbi and BTCC, made an awkward surge, with OKCoin CNY overshooting by 20 CNY. This was at the exact level where the 18,000 contract margin call was waiting to be filled.
Once the wall was eaten, the spot and futures markets both dropped and have trended downwards in the hour following.
Very interesting price action indeed. If one was conspiracy-minded, one may think that there was some collusion behind these events.
But have no fear, the Woodchipper is here! There was some interesting price action not only in the Futures market but in the Chinese spot market for bitcoin. As can be seen in the image above, OKCoin CNY, along with Houbi and BTCC, made an awkward surge, with OKCoin CNY overshooting by 20 CNY. This was at the exact level where the 18,000 contract margin call was waiting to be filled.
Once the wall was eaten, the spot and futures markets both dropped and have trended downwards in the hour following.
Very interesting price action indeed. If one was conspiracy-minded, one may think that there was some collusion behind these events.
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