Arthur Hayes: The automatic liquidation of cross-margin collateral positions by major CEXs is the reason behind the recent altcoin crash.
ChainCatcher reported that Arthur Hayes, co-founder of a certain exchange, stated that the automatic liquidation of cross-margin positions collateralized by related assets on large centralized exchanges (CEX) is the reason why many altcoins suffered heavy losses during this round of price declines. He said, "When limit orders are not smooth, liquidations operate normally," and indicated that it will be difficult for many high-quality altcoins to return to their previous lows in the short term.
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