[ad_1]
The price of ETH has suddenly plummeted from $ 100 to $ 13 on Coinbase Pro this morning
Coinbase Pro, formally known as GDAX, suffered one of the worst flash crashes in today's cryptography history.
The ETH price, which has already been hard hit in recent days, suddenly collapsed from $ 100 to only $ 13 on Coinbase Pro. The incident, as reported by The Next Web, occurred around 6:00 UTC. Within minutes, the price of ETH had risen up to $ 100.
However, the flash crash remains recorded on the price charts of Coinbase Pro. You can see a sudden and dramatic spike in which the price seems to fall to $ 13 before bouncing off shortly thereafter.
Since then, the price of the ETH has rebounded, with the price hovering around $ 100 for most of today, periodically plunging under $ 100. As we go to press, the price of ETH is about $ 97.
Ethereum has fallen rapidly in recent months to become the third largest cryptocurrency by market capitalization. The cryptocurrency was superseded by XRP, which now occupies the number two position behind bitcoin.
The anomaly seems to have been limited to the USDC markets of Coinbase Pro. The USDC is a dollar stablecoin issued by the New York Circle.
Immediately after the crash, concerned traders turned to social media to express their concern and ask why the incident occurred. Coinbase has not yet provided an explanation for the incident.
Obviously, this is not the first time a similar incident has occurred in the cryptography industry. They are called flash flashes. Some abnormal flash arrests occur due to the real panic and sales activity in the crypto community. Other flash crashes are technical problems or incorrect sales orders. With an abnormal flash stop, the price is generally rebounded immediately after release. With an ordinary accident, prices fall and remain low for a long period of time.
Ethereum it went through one of the most infamous flash crashes in history in 2017, when the popular cryptocurrency fell from $ 300 to $ 0.10. The price has quickly recovered and it is not clear what caused the flash to crash at the moment. That incident, however, has brought many Merchants of Ethereum lose large sums of money.
Interestingly, the infamous 2017 crash occurred on GDAX, which was renamed Coinbase Pro at the beginning of this year. So now GDAX has hosted two of the most important flash crashes in the history of Ethereum.
Ultimately, it is not clear what caused the latest collapse in Ethereum prices. However, with cryptocurrencies plunging across the board, many traders are understandably worried.
[ad_2]Source link
