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OP here. Per the article, it's not "psychology" - it's a whole lot of borrowing on the defi markets that will automatically be liquidated if the number goes too
by davidgerard 4y ago
OP here. Per the article, it's not "psychology" - it's a whole lot of borrowing on the defi markets that will automatically be liquidated if the number goes too low. You could actually watch these guys in real time, pumping scarce actual-dollars into the market to pump the price. And then sellers dumping directly into the pump. "Thanks for the exit liquidity!"
- TedDoesntTalk 4y agoI don’t understand why the dumpers need the pumpers’ actual-dollars to dump. I thought, when you sell on an exchange, the exchange is obligated to give you actual-dollars no matter what?
- davidgerard 4y agothe dumpers didn't want the price going under $20k either, but they did want the ~$20k