OH.MY.GOD !!!! Today was one for the Crypto history books...FOR SURE !!! Things are still being sifted through to figure out what happened today in the flash crash of Ethereum. In a matter of seconds , not MINUTES , SECONDS... ETH crashed to the low print price of $13!! THEN it was revealed that the lowest print came out at 10 cents. 10 FUCKING CENTS!! From $320 to $13 , to 10 cents???
HOW??How in the world could this have happened? So far, it looks like the price has recovered to it previous print of around $300, but trading for ETH has been halted on Coinbase, GDAX, and probably a few other exchanges. What makes this EVEN WORST, is that MANY traders had their stops WIPED OUT COMPLETELY!!! "OH, THE HUMANITY!!!"
Could you imagine?? Having sell order stops at say, $280 not be sold until the price hit 10 FUCKING cents? AND you weren't in om the deal, so you had NO buy orders! IF you are one of the MANY people who got ROYALLY screwed today, you have my sympathies. REALLY, YOU DO!! I always knew there was a reason so many people uttered the phrase "NEVER TRADE ON MARGIN!"
As of right now, word on the web is some LUCKY soul scooped up 1.5 million dollars worth of ETH for less than $500. YEAH ...NOT "DOLL HAIRS... DOLLARS!" All within a few minutes. Until We get some more info on what in the world just happened, it's all pretty much speculating as to what the entire story is. I'm sure we'll be getting more info as the hours pass.
I know there are a FEW people hunched over their toilets right now.
I'm glad that I never built up the nerve to start dabbling into the trading aspect of this Crypto market. because those are some losses I don't think I could EVER handle.
Stay Tuned for updates!!!
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