What was that waterfall from $536 to $495 in Monero?

Big seller I guess.

Lol. Just look at the weekly chart structure.

Over sold.

number go up then down then up then down and up again and down again and up again and down again (...)

@LSDSquidward
Three reasons driving downside volatility:

1. Leveraged Longs getting liquidated:
   The price has gone up lots which invites speculation. Monero futures are available on DEXs like Hyperliquid and in reality there is unprecedented open interest in monero and high funding fees; there are lots of people betting the price will continue going up in the short term. These are no strong hands. Many of them will be overleveraged and can be forced to sell causing slippage.
   Check coinglass for the data on open interest and aggregated funding fees:
   https://www.coinglass.com/currencies/XMR

2. Private transactions:
   Sudden spikes in xmr price is often due to hackers or criminals buying so their funds aren't connected to their crime. They are trying to process their funds through monero and limit their losses due to slippage, so they manipulate the market to the extent that is possible. They are not strong hands either because they probably never meant to save in monero, they are just processing funds through and likely intend to sell when they can find enough liquidity without incurring too much slippage.

3. Investors taking profit:
   Long term investors in monero, unless they are hopelessly married to the cause, are likely to be taking at least some profits now. Even if they think these prices are sustainable, they will likely sell some anyway to rebalance risk.

@Nebuchadnezzar_II We rarely reach $500 peak so the third point is possible. If i'm not mistaken this is the second time we reach $500 price point so people won't missed the chance to sell if they're long term holder. Looking on another lens, those people that selling their Monero at the peak help stabilize the economy of Monero.

@sepia This is the second time yes.

I completely agree. Long term strategies regulate the volatility by providing liquidity against the direction of the market. For example, now they're selling on the way up, which stops it from pumping too hard and then suddenly collapsing.

Nobody can tell for certain what its gonna do, but a lot of people seem very confident its just going straight up, so I'd rather take the opposite position.

It's leverage. A lot of people like to think that Monero is not manipulated and that the price is fair because it's fully delisted but that's a lie. It's entirely possible to buy XMR on Binance with leverage up to 75x and that has a real impact on the price. It doesn't matter that they have no underlying XMR to withdraw, the leverage prices cascade throughout the market and no amount of delisting spot trading can impact that so long as they offer margin trading.

@LSDSquidward back up to 524 now. Keep Calm and Monero On. And if it crashes again, so be it. Privacy is priceless.