Bitcoin's flash-crash lesson: Number-based currencies don't 'cure' human nature
The price of bitcoins has fallen considerably from the recent high of around $130 in late May, with a dramatic drop from $108 to $91 in the past 24-hour period. As of around noon Eastern time Sunday, the bitcoin price stood at $98 (£64.61). Why the big drop? There could be any of a number of reasons -- more likely a combination of several: unsubstantiated rumors run amok, the market fluctuations you'd expect for a relatively new commodity, herd mentality, greed, panic. All of the above were apparent in the comments by redditors discussing today's price plunge. It was FinCEN (the US....
Related News
Cardano (ADA) has not been left out of the massive flash crash that just occurred throughout the market. What seemed to be a good day for bitcoin as El Salvador’s “Bitcoin Day” began has now turned to nothing short of a nightmarish market opening. The crash saw bitcoin drop $6K in only a matter of hours. While the general altcoin markets have recorded crashes as high as over 20% in the same timeframe. With altcoins following bitcoin closely, the price of the ADA shows similar movement patterns to BTC following the flash crash. The number 1 crypto coin fell to the mid-$40K, taking the whole....
Margin traders on Kraken are outraged after a flash-crash triggered wholesale liquidations while the exchange was inaccessible to users. Kraken users are demanding compensation after violent flash crashes localized to the exchange resulted in leveraged trades being liquidated amid the sharp retracements recorded across the crypto markets on Feb. 22.Feb. 22 saw the single largest daily candle in the history of both Bitcoin and Ethereum by linear value, with BTC dropping around $9,500 from $57,500, while ETH plummeted by $400 from $1,940 within the span of 24 hours on Coinbase. However, it....
The CEO of Synereo, Dor Konforty, has pointed out that the lesson to be learnt out of this whole situation is the fact that the human factor must be put into consideration and respected. Nevertheless, Konforty makes clear his support for Ethereum and states the position of his company over the June 17 attack on the DAO. Rollback shouldn’t be an option, Despite being a major ETH and DAO holder, Konforty insists that a rollback will set a wrong precedent. He says: “A rollback will set a precedent. This is a decision that is crucial to the growth of the decentralization movement and to the....
Highly volatile cryptocurrencies like Bitcoin, Ethereum, and other altcoins can behave irrationally at any given moment, especially when turbulence strikes. But what happened this morning on the US branch of Binance, was shocking for even those who have seen flash crashes happen in real time. The result of a massive wick left on the BTCUSD chart was a violent trip to $8,000 where coins were potentially exchanged for prices that are currently 87% lower than where Bitcoin is trading at right now. Here is a closer look at what went down, and what might have happened as a result. Flash Crash....
Bitcoin underwent a mini flash crash on Wednesday as its price fell from $59,400 to nearly $57,000 in just five minutes of trading. Analysts blamed overleveraged long positions for the downside move, with the plunge liquidating about $600 million worth of extended bullish contracts across major futures exchanges. The wipeout followed up with a short […]