Homepage / Technology / Ethereum crashed from $319 to 10 cents in seconds on one exchange after ‘multimillion dollar’ trade
“gerçek Parayla En Iyi Slot Makineleri Ve Spor Bahisler test Users535352253 Due Diligence Blog Digital Data Rooms for the Netherlands Board Room Apps Secure Board Management With Secure Board Portals What Happens at Board of Directors Meetings? Board Room Software Review How to Prepare Board Rooms for Effective Board Meetings Board Room Software Boosts Performance and Communication Selecting a Secure Data Room Review Local Data Room Service Review How to Find the Best Virtual Data Room Review What to Look for in a Data Room uk Provider Document Storage and Distribution Software Everything About VDRs Corporate Software Advantages How to Choose a Virtual Data Room Provider The Most Secure Way to Transfer Files How to Manage Online Board Meetings Benefits Virtual Data Room Solutions – Must-Haves for M&A and Due Diligence Best Data Room Functions for the Different Types of Industries How to Choose a VDR Software Provider How to Choose an Online Board Portal The Benefits of a Boardroom Review Board Room Online Solutions – How to Get the Most Out of Your Board Meetings Why You Need a Board Room How a Board Room Blog Can Transform Your Business Choosing the Best Board Room Format How to Have Productive and Engaging Board Directors Meetings Choosing the Right Virtual Data Room How to Keep Safe Documents Storage Teaching Kids About Online Safety Avoid Costly Mistakes With Free Data Room Services Corporate Virtual Data Secure Online Data Rooms Solutions How to Keep Share, Edit and Delete Your Data Safe Virtual Data Room Software Secrets for M&A Due Diligence What to Look For in Boardroom Providers Board of Directors Blog Posts How to Deliver Value at Your Board Meetings How to Have Effective Board Meetings Responsibilities of Board Members Deal Management – How to Effectively Manage a Complex Sales Pipeline Data Rooms For Mergers And Acquisitions How to Have a Successful Board Room Meeting Choosing a Board Room Service Provider What is a Board Room Service? Board Room Software Review – Choosing the Best Portal for Mother Board Meetings Why a Board Room Providers Review Is Important What Is a Board Room Review? Venture Software for VC Firms What Is an Assessment Report? The Importance of a Tech Audit Popular Business Applications What to Look For in a Data Room App What Are Business Applications? How to Choose a Virtual Data Room How to Plan a Data Room Review Coronavirus Guide What is a Virtual Data Room? What Is Data Science? What Is an Operating System? Turbotax Small Business Review How Online VDRs Are Used in M&A Deals Why Choose VDR Software? The Power of Business Software The Benefits of a Software Board Online Data Room Review The Importance of Tech Knowledge Improving Accuracy of Financial Data Online Business Records – How to Keep Your Online Business Records Accurate and Secure What is a Board Portal De? DealRoom Review – A Review of VDR Software M&A Due Diligence for Private Companies The Virtual Data Room Review Why Companies Use a Data Room Review to Facilitate M&A Transactions The Best File Sharing Services How Online VDRs Are Used in M&A Deals Best Virtual Data Room How to Choose a Best Board Room Provider Choosing a Data Room for Due Diligence What Is a Data Room Business Software? Best Data Room Providers Review Data Room Providers Review Mostbet Tr Resmî Web Sitesinde Giriş Ve Kayıt Olm Kumar Oynamak Için En Iyi Yerdir The Benefits of Cloud Data Services for Enterprises Online Data Room and SSL How to Build a Diverse Board of Directors Best Virtual Data Review A Data Room Service Review How Runn Makes Project Data Accessible, Accurate and Shareable Five Pillars of Information Protection The Importance of Online Business Reports Benefits of Colocation Services Virtual Data Rooms Guide Choosing a Business Virtual Data Room Choosing the Right VDR Service Review

Technology

Ethereum crashed from $319 to 10 cents in seconds on one exchange after ‘multimillion dollar’ trade

The price of ethereum crashed as low as 10 cents from around $319 in about a second on the GDAX cryptocurrency exchange on Wednesday, which is being blamed on a “multimillion dollar market sell” order.

Ethereum is an alternative digital currency to bitcoin and had been trading as high as $352 on Wednesday.

Adam White, the vice president of GDAX which is run by U.S. firm Coinbase, posted on the exchange’s blog, outlining what took place at around 12:30 p.m. PT on Wednesday. According to White, the multimillion dollar market sell order resulted in a number of orders being filled from $317.81 to $224.48.

As the price continued to fall, another 800 stop loss orders and margin funding liquidations caused ethereum to trade as low as 10 cents.

A stop loss order is a trade that is executed automatically once a security – in this case ethereum – hits a particular price. Margin funding is essentially trading with borrowed funds. Liquidation is when these positions are closed automatically in order to prevent further losses. The knock-on selling effect caused the flash crash on GDAX.

The chart below is a screenshot of the GDAX price showing the high and low price.

Many on social media criticized GDAX and alleged there was some sort of illegal activity taking place. GDAX denied this.

“Our initial investigations show no indication of wrongdoing or account takeovers. We understand this event can be frustrating for our customers. Our matching engine operated as intended throughout this event and trading with advanced features like margin always carries inherent risk,” White said in a blog post.

“We are continuing to conduct a thorough investigation and will keep customers updated with any resulting actions.”

White also noted that these trades are final and will not be reversed. The exchange temporarily halted trading of ethereum on Wednesday before restoring the system shortly after.

Ethereum was trading at around $317 on the GDAX exchange in the early hours of Thursday morning. According to industry and price tracking website Coinmarketcap, which takes into account the price on several exchanges, ethereum was trading around $336.

As well as the issues on GDAX, investor demand at the funding launch for an ethereum-based messaging app called Status clogged the ethereum network, an industry insider told CNBC.

Ethereum traders were outraged by the crash blaming GDAX for not having proper controls, and even accusing whoever put the sell order in of market manipulation.

And it was a painful experience for many. On the social forum Reddit, users complained of losing large sums of money from $3,000 to $9,000.

But it also seemed to be a large money making event for some too. On the trading forum StockTwits, user John DeMasie posted a screenshot of trade history around the time of the flash crash. It showed one person had an order in for just over 3,800 ethereum if the price fell to 10 cents on the GDAX exchange. Theoretically this person would have spent $380 to buy these coins, and when the price shot up above $300 again, the trader would be sitting on over $1 million. CNBC has been unable to verify the screenshot posted by DeMasie.

The ethereum crash comes amid rising interest in the broader cryptocurrency space. Both bitcoin and ethereum have hit record highs recently, and have both seen pullbacks.

Ethereum in particular has been talked up because of the blockchain technology that underpins it. Whereas bitcoin and its blockchain is seen as a payment network, ethereum has been designed to support so-called smart contract applications. A smart contract is a computer program that can automatically execute the terms of a contract when certain conditions are met.

The ethereum blockchain has also got backing from a number of large firms such as Microsoft, which has helped to drive the price higher.

Ethereum is up around 4,100 percent year-to-date, based on the price it was trading at on Thursday morning, according to Coinmarketcap.

Source: Tech CNBC
Ethereum crashed from 9 to 10 cents in seconds on one exchange after ‘multimillion dollar’ trade

Comments are closed.