FLASH CRASH
The Bitcoin price action didn't see high volatility over the weekend and the Bitcoin price action appears to be similar to what we saw when the Silvergate exchange network was shut down. Silvergate Exchange Network (SEN) was used by institutional investors to deposit money into crypto and to withdraw their crypto for cash. Institutional investors are finding it difficult to deposit money into crypto because of the shutdown of signature banks. This is why we are seeing institutional investors investing in crypto indirectly using cash-settled futures on usual cryptocurrency exchanges. This also impacted stablecoin issuers, Circle is finding another means of moving money in and out of the crypto market after its signature was shut down.
You should know that also Circle got a partnership with Cross Riverbank which has RTP for non-stop payments. It's no big surprise that Cross Riverbank is also experiencing regulatory scrutiny too. It appears to be because of 24/7 payment systems like Silvergate Exchange Network and Real-time payment competitors to the FED's FED payment system. We started to see cryptocurrency price action moving sideways after Cross River Bank was given a warning by the FDIC. There is also a potential that Cross River put an end to Real-time payment or they may stop offering services to cryptocurrency clients like Circle. We may even start seeing other banks not provide Real-time payment service Circle. It is also possible that we could start to see serious volatility in the market because the crypto price action will be driven majorly by the liquidation of an existing position. The liquidity in the crypto world is very low lately, very small good news or bad could rally or dip because of short squeezes.