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Things are a little eccentric this morning Coinbase Pro, the professional trading platform formerly known as GDAX, when the price Ethereum (ETH) fell briefly below $ 13.
As initially highlighted by traders on social media, the price anomaly occurred in the USD currency (USDC) market, the dollar-pegged stablecoin co-created by Circle and Coinbase.
The price quickly returned to the $ 98 range, indicating that what occurred was an abnormal crash of the flash, which is commonly caused by a series of pre-set algorithmic operations that cause the activation of multiple stop orders.
Ethereum previously immediately an anomalous flash arrest in 2017 when the price fell from over $ 300 to $ 0.10 when 800 orders for interruption and loss of liquidity were activated on GDAX. As with the latest flash crash, the price of ETH was recovered quickly and Coinbase issued a refund for investor losses.
At present there is no indication that significant losses were caused by the strange price action of today, as the ETH / USDC market is rather small with Coinbase Pro.
ETH fell 11.5% in the last 24 hours to $ 91.13, giving the third largest cryptocurrency a market capitalization of $ 9.44 billion.
Other: the price of Ethereum has plummeted from $ 100 to $ 13 on Coinbase Pro
Related: a close flash incident destroys the markets, so it's time for "maximum caution", says the trader
Disclaimer: the author of this article has participations in cryptocurrency that may be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct due diligence before making investments.
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