The price of ether plummeted to $13 today on cryptocurrency exchange GDAX.
As a result, the flash crash represented a more than 96% decline from the daily high.
The move was so severe that Coinbase, the US-based operator of the exchange, opted to disable trading of the ETH/USD pair and block withdrawals of ether.
Further, the price of ether suffered this loss amid signs that the ethereum network has been struggling to cope with the demands of its rising use. Data provided by Etherscan reveals that more than 300,000 ether transactions were broadcast on 20th June, an all-time high for the two-year-old network.
Exchange GDAX has disabled ETH-USD trading as it investigates a “flash crash” that happened on the Ethereum market. The issue saw ETH prices suddenly fall from $320 USD to $13.94 and even 10 cents.
The crash happened between 3:30PM and 3:45PM (EST). Prices rebounded before GDAX suspended trading but only to around $300. Just a day earlier, the ETH price had been as high as $380 on the exchange.
For More information refer
http://www.coindesk.com/13-ethereum-ether-prices-plunge-2500-gdax-exchange-flash-crash/
http://www.silverdoctors.com/headlines/finance-news/ethereum-flash-crashes-massive-96/
Coinbase going through major outage
Now come the BEST PART
Assume you got 1000 ETH in this Flash Crash for 10 cents then you haev 300 K in 3 hours
All the best !!
I thought Ethereum was/is rock solid
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Just did a post myself. This is crazy! Upvoted!
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would any of you like to follow me
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Thank you for sharing
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What, $13?!? I really wish I just some low buy orders on GDAX! :)
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Very fishy situation, will be interesting to see if they put out anything publicly or try to move in the shadows. I know a handful of people got hammered when the drop in price forced them to liquidate margin ETH positions for < $200
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this is nice thank you iam going to invest
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Yeah I noticed on Coinbase it was disabled when I was checking my crypto today. Sounds very fishy though...hmmmm Makes you think.
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lol really this kind of gives me a hint that $300 price for ETH is artificial and that's not its real value.
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ETH value is much higher than 300$ . its system bug that cause this for few seconds only. GDAX is down till the time they fix it
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You Have Good Knowledge about cryptocurrency. I Learn many things from you. I upvote and followed.
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Good info bro
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It's a Flash Crash!! I doubt if there was time for people to get in at 10 cents, unless they already had a buy order in place, to buy Eth if it went very low.
Even a small investment of $1000 at $13 would yield more than $20000 based on the current price.
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Thats something else!
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Yeah someone got lucky.
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