🟥In 2024, the cryptocurrency market experienced significant price fluctuations for Bitcoin and other assets. On the night of August 4-5, the price of Bitcoin dropped to $3.2 on the KuCoin exchange before recovering. KuCoin representatives did not comment on the incident. Similar occurrences have previously been reported on other exchanges. For example, in March 2024, Bitcoin fell to $8,900 on the BitMEX exchange due to a large sale of 400 BTC.
🟥The ApeCoin (APE) token from the YugaLabs project suddenly surged from $4.2 to $90 on the Korean exchange Upbit in April 2023, with a momentary price increase of 1950%.
🟥Representatives of trading platforms suggested that the sharp drop was caused by a decline in Asian indices and the actions of one of the market makers, Jump Trading. Shares of crypto companies, including MicroStrategy and Coinbase, dropped by an average of 19%.