Flash Crash: Ethereum falls from 319 dollars to 10 cents

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The price for Ethereum has fallen within ten seconds from over 300 US dollars to ten dollar cents on Wednesday evening.

Ethereum, next to Bitcoin probably the most famous and most important crypto diet, recorded a flash crash on Wednesday evening. The price for an Ethereum fell by 22:30 within a few seconds from over 300 US dollars to a value of ten dollar cents. The course recovered as quickly as it had fallen. Meanwhile, Ethereum is traded for a similar price as in the past few days (as of 12 am, 22 June 2017: about 330 US dollars).

The Flash Crash occurred on the US platform GDAX, one of the largest trading venues for cryptos. The cause is evidently the sudden sale of Ethereum worth several million dollars. This ensured that the price fell so far that a large number of users triggered a defined stop-loss order. This ensures that shares are sold when the value drops below a certain limit. This caused a domino effect and drove the price further. More than 800 stop-loss orders were executed.

3800 Ethereum for 380 US dollars purchased

The operators of GDAX apologized in a blog entry for the Flash Crash and assured that neither fraud nor technical failure were responsible. They wanted to investigate the incidents further. Numerous GDAX users complain that they lost through the Flash Crash Ethereum worth several thousand dollars. There are also riddles for a user who apparently had a buy order for 3800 Ethereum at the price of 10 dollar cent. This means that this user would have earned Ethereum worth one million US dollars for 380 US dollars.

The Bitcoin News