Bitcoin Price Falls 14% Following Bitfinex 'Flash Crash'
Comment added from Zane Tackett, BitFinex's director of community and product development. Bitcoin's price fell 14% in a period of just 30 minutes following a 'flash crash' on exchange Bitfinex yesterday night. The CoinDesk Bitcoin Price Index had been holding steady between $250 and $255, but dropped to a low of $214.36 just before midnight (UTC). In the same period, the Bitfinex price sunk 29% to $179.35. Bitfinex, which claims to be the most liquid exchange in the world, told CoinDesk the 'flash crash' was triggered when several leveraged positions were forcibly closed in close....
Related News
The price of bitcoin slumped again today after Bitfinex closed its order book, citing issues with its post-trade processing. The Hong Kong-based exchange, which witnessed a 'flash crash' just last week, halted trading for a seven-hour period this morning. The Bitfinex price promptly fell a further 3.8% when it reopened at 12:31pm UTC. In a statement on Reddit, Zane Tackett, Bitfinex's director of community and product development, said: "Earlier today, at 5:27 UTC, we encountered an issue with post-trade processing, upon which we decided to halt trading to ensure consistency in the order....
The Bitcoin price (BTC/USD) today fell below $200 on multiple exchanges, bringing the January's low within close grips. The new fall, as speculated by many online reports and discussions, was caused by the unexpected halt in BitFinex's order books. The Hong Kong digital currency exchange, which experienced a flash crash just last week, had paused its trading services for over seven hours. The decision ultimately rippled a panic sell throughout the Bitcoin market, which resulted in a 5-7% fallout in BTC/USD pair. Nevertheless, the Bitcoin market was already surrounded with a-too-many....
Amid the calls for new all-time highs for Bitcoin, one analyst is going against the trend and calling a crash. The prediction not only expects Bitcoin to break below the $100,000 level, which many believe was already left in the past, but to actually fall by more than 60% from here. The analysis, which depicts a flash crash, shows a possible price reversal into levels not seen in years. Entering A Bitcoin Short With Conviction The crypto analyst who goes by the pseudonym Dick Dandy revealed that their next move was to enter into a Bitcoin short position between $121,400 and $121,700.....
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....
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....