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Today, to date, the price of Ethereum has fallen temporarily to $ 13 on the GDAX exchange rate, the exchange of cryptocurrency, which is ongoing on Coinbase.
According to the former Forex analyst and cryptocurrency Cole garner (Cole Garner), the platform was actually filled with low-cost warrants ranging between $ 13 and $ 60. Garner has posted screenshots of GDAX, which show that he performed with a $ 55 to $ 65 warrant succeeded.
As of the evening of December 7th, the price of Ethereum (ETH) remains at $ 85, and the lowest point of today's sale was $ 83. For $ 55 and $ 65, garner was able to purchase ETH for 36% lower than the current price of ETH.
Most of these immediate avalanches (flash crashes) occur due to fake or incorrect trading orders at competitive prices. In the case of exchanges, investors can easily make a mistake by entering the wrong numbers for the purchase or sale order.
For example, the potential purchaser of Ethereum may have wanted to place a $ 13 dollar purchase order to purchase a digital asset at a low level of support, but inadvertently or by mistake presented a sales order for $ 13.
It is possible that a single trader intends to present a purchase order for $ 13 – a strong level of support between $ 13 and $ 14, which some technical analysts identified last week and filed a low-level sales order.
Even on large equity markets such as the New York Stock Exchange (NYSE) and Nasdaq, such avalanches occur fairly regularly and, as in most markets, trading algorithms and robots, technical failures can not be avoided.
As explained by Investopedia:
As securities trading has become a highly computerized industry, complex algorithms managed in global networks have increased the propensity to failures, errors and almost instantaneous collapse. However, global exchanges such as the New York Stock Exchange, the NASDAQ and the CME have introduced higher security measures and security mechanisms to prevent and expose to losses they may cause. They can not solve them at all, but they have been able to mitigate the damage these failures can cause.
The immediate collapse of Ethereum at $ 13 is a mistake, because this has not happened in other markets, in Europe and South Korea, and the USDE Coinbase ETH market is almost instantly recovered.
In June Coinbase suffered an immediate collapse of Ethereum. As a simultaneous incident, which occurred on December 7, while the price of ETH has temporarily dropped from $ 322 to $ 0.1.
Given the disparity between the average price and the price reached during the collapse, Coinbase decided to compensate the traders who suffered from it.
We install the process of crediting customer accounts that have made leverage or stop-loss orders have been executed in the GDAX order portfolio in pairs ETH-USD suffered losses due to the rapid fall in prices at 12:30 on 21 June 2017. This process will allow interested customers to recover the cost of ETH-USD bills at its equivalent to the ETH-USD, currently held to a rapid price movement,
– He said Coinbase on June 26th.
It is unclear whether Coinbase will compensate traders who were injured by today's accident, but if the company discovers that an error occurred due to a user's action, it is likely that the compensation it will not be paid.
About the author
magictr
Ted Stone has been a journalist on the news since 2013. He first wrote about young adolescence and family dynamics for Styles and was the correspondent for the legal affairs of the subway desk. Before joining The Koz Week, Ted Stone worked as a screenwriter at Village Voice and freelance for Newsday, The Wall Street Journal, GQ and Mirabella.
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