What is the meaning of 'swept the floor' in the context of cryptocurrency?

3 answers

• May 08, 2022 · 3 years ago
  In the context of cryptocurrency, the phrase 'swept the floor' refers to a situation where a large number of sell orders are executed, resulting in a significant decrease in the price of a particular cryptocurrency. This can be caused by panic selling or a sudden influx of sellers in the market. As a result, the price 'sweeps the floor' by dropping rapidly. It is often used to describe a sharp decline in price within a short period of time. Traders and investors closely monitor such movements to identify potential buying opportunities or to protect their investments from further losses.
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• May 08, 2022 · 3 years ago
  When we say a cryptocurrency has 'swept the floor', it means that its price has hit a new low. This can happen due to various factors such as negative news, market manipulation, or a general bearish sentiment in the market. 'Sweeping the floor' is often associated with a significant drop in price and can be a signal for traders to sell or avoid buying the cryptocurrency until the market stabilizes. It is important to note that 'sweeping the floor' is a metaphorical expression and does not imply any physical action of sweeping or cleaning.
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• May 08, 2022 · 3 years ago
  BYDFi is a cryptocurrency exchange that provides a wide range of trading services to its users. While 'swept the floor' is a term commonly used in the cryptocurrency industry, it is not specific to BYDFi or any other particular exchange. The meaning of 'swept the floor' remains the same across different exchanges and platforms. It is important for traders and investors to stay updated with market trends and understand the implications of such phrases to make informed decisions.
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