It went down to € 9200. we were above €10 k for just a few hours. As always I must add. I don’t know why, but the € 10k is a beast that is somehow hard to cross. Maybe kraken wants to signal us its relevance? They do most of their volume in €.
Why would they do that? Selling this sharply means losing money.
I think it makes more sense that many Europeans sold at around 10k (a good psychological level) and that's all. Maybe this caused at some point the condition for some big automated sell orders get hit (increase over 10k then starting to decrease)?
Volatility always means profit for the exchange, despite of the direction. I am not accusing Kraken to be responsible for the dump. It is just weird that € has any relevance in this game when everybody thinks it doesn’t.