"On Tuesday, we had the perfect storm, because you had the long US holiday weekend. You had an upward moving market so the market makers were notoriously short cash because they had to hedge all their futures they lost to the leverage guys," Heusser told Insider, noting that these were his personal thoughts."And then they were probably a bit too complacent on Monday, not sending enough capital quickly to their trading venues.
As market makers and liquidity providers ran out of capital to quote, crypto exchanges also encountered various operational issues that caused them to temporarily go offline, as is typical in such sudden crashes. The latest crypto crash came amid a trading frenzy over altcoins and non-fungible tokens, but traders and analysts say that it does not spell the end for the two red-hot trends in the $2 trillion market.
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mrcll