Ethereum crypto-currency flash crashes then recovers following panic selloff caused by technical glitch
Saturday, June 24, 2017 by Russel Davis
A technical glitch has resulted in a brief but monumental crash in the price of ethereum, an alternative digital currency to bitcoin, demonstrating the apparent volatility of the cryptocurrency market. According to recent reports, the price of etherium flash crashed in a matter of seconds from around $319 to 10 cents on cryptocurrency exchange GDAX. This, following a multi-million dollar market sell order.
According to the report, the cryptocurrency had been trading as much as $352 on Wednesday. However, a multi-million dollar market sell order posted at around 12:30 p.m. PT prompted a number of orders being filled from $317.81 to $224.48. Along with the persisting price decrease, another set of 800 stop loss orders and margin funding liquidations caused the cryptocurrency to trade for as low as 10 cents.