It doesn’t happen often bitcoin exchanges cause a massive price glitch. For some reason, the GDAX exchange briefly listed bitcoin at US$0.06 per BTC. This event occurred right after the exchange came back from scheduled maintenance. Luckily, this price drop did not affect global bitcoin trading all that much. During times like these, it is good such a problem occurs on a smaller exchange.
Cheap Bitcoins At GDAX
A lot of traders were surprised last night when looking at the GDAX bitcoin price chart. During a brief moment, the BTC/USD price dropped by 99.9%. Keeping in mind how this trade revolved around 100 BTC in volume, there was a brief panic among traders. As a result, bitcoin was valued at US$0.06 before returning to its normal price. A rather interesting event, to say the least.
Order of operations of the Flash Crash Caused By @GDAX$btcusd$ltcusdpic.twitter.com/uB2UQz1dw7
— I am Nomad (@IamNomad) April 16, 2017
It is worth noting GDAX had undergone scheduled maintenance just prior to this incident. However, rather than waiting for order books to be depopulated, market executions were resumed immediately after. That allows for traders to buy and sell
Read more ... source: NewsBTC USA
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