ETH dropped to $13 on GDAX (yes, that is thirteen USD Ethereum) - with live recording
ETH/USD dropped from around $300 to $13 in a matter of seconds. Whatever happened, GDAX is in trouble right now. Whoever had a buy-order open is probably lucky. Like the US$ 101 BTC guy on btc-e a while ago.
GDAX is currently hardly accessible.
Crypto Traders Room is actually broadcasting live about the event on YouTube:
Most likely scenario: Someone with a lot of ETH to sell clicked accidentially on Market Sell instead of Limit Sell. Hopefully this guy got his Ether cheap... and
Crypto Traders Room got his account liquidated. He had 112 ETH now 6. Worst case scenario when doing margin trading.
Update: GDAX published an explanation:
On 21 June 2017 at 12:30pm PT, a multimillion dollar market sell was placed on the GDAX ETH-USD order book. This resulted in orders being filled from $317.81 to $224.48, translating into a book slippage of 29.4%. This slippage started a cascade of approximately 800 stop loss orders and margin funding liquidations, causing ETH to temporarily trade as low as $0.10.
You can read the full blog post here:
https://blog.gdax.com/eth-usd-trading-update-5d8142b5bdc1
For the person causing the crash it was presumably not such a big loss. Assuming it was an accident he or she sold at a 30% loss max. only. However, for everyone having a margin trade open the consequences result in a near total loss. And others had a buy-order filled at just 10 cents. Insane profit.
It is suspected by some people, that the ETH sold was originally sent from this wallet:
https://etherscan.io/address/0x7d551397f79a2988b064afd0efebee802c7721bc
Thinking about it... when there is many margin trades open and someone sells a huge amount of ETH at market price, the same person could have placed huge buy orders at insanely low prices. By catching the down-cascade of executed liquidations this person could make a profit beyond imagination. Basically "stealing" the money from every margin trader on the broaker.
(silly typo, now this post is in etc, sorry, added the eth tag)
Don't panic look at my blog https://steemit.com/ethereum/@crypticj/ethereum-crashing-what-to-do-an-insane-guys-guide-to-sane-ethereum-investing
GDax Down now!!
Hm, working for me. But prices are dropping hard
I posted my theory about what happened here for anyone curious:
https://steemit.com/ethereum/@ccampbell/my-theory-about-what-happened-on-coinbase-gdax-today
Saw a $75 price on coinbase as well, though their website crashed and went down pretty quick :P
I think you mean ETC (Ethereum Classic) is down not ETH, right?
Nope, really, it's the big mother got a punch, not the little child. I have a screenshot coming in a while
Wow, what has happened?
On Poloniex amazing drop as well. But it is still at around 300 USD.
Technical Analysis is key for financial markets predictions
I'm curious what kind of technical analysis could possibly forecast an event like that :D
You are right bro
Technical Analysis has its own play grounds
With limited boundaries
Technical Analysis support short and both long term strategies
If market crashed no one is safe..if it recovers quickly than its in his range bound