Hack of Zaif exchange and flash-crash in Bitcoin: whales come into the cryptocurrency in large scale?

The main news of the last day is the hack of a large stock exchange. This time, the Japanese platform Zaif became the victim of hackers, and about $60 million in the cryptocurrency equivalent were stolen. It seems that big players used the following panic as an occasion to sharply increase their positions.

What happened? In the evening of September 19, information about the hack of Zaif appeared at the market. Kay Kurokawa, the developer of LBRY platform, wrote about it in Twitter. Later, the source specified that they there was stolen cryptocurrency in the amount of $60 million. Zaif confirmed the hack on its website.
How did bitcoin behave? The market reacted quickly. In a matter of minutes, the price of bitcoin fell from $6,300 to $6,100. Then a sharp buy-out with an extreme increase of volume followed. As a result of massive purchases, the price jumped from $6,100 to $6,500. Later, a message appeared that someone bought 5 million contracts of BTC at 6,469 at the BitMex exchange.

What does it mean?
There can be several reasons.

  1. Futures expiration at CBOE. Often whales arrange their games on the eve of such events. In this case, the further behavior of the market is unpredictable. A new contract is a new story.
  2. Someone used flash-crash to trigger the stops of "weak" bulls and strengthen their longs. Judging by the volume and composure, it was a large player. The crowd is prone to hesitation in such situations.
    We recommend our readers to closely monitor the level of $6,600 , after the break-through of which there may come a sharp increase of prices up to $ 7,000 due to the mass closure of short positions.
    Recall that on the Bitfinex exchange the number of short positions is near the historical maximum and significantly exceeds the number of longs. Often, such distortions result in a strong short-squeeze.

    Andrey Mastykin, cryptocurrencies analyst of Electus
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