Bitcoin/Euro Flash Crash on Coinbase!
Coinbase is a popular and powerful crypto exchange. The Bitcoin/Euro pair recently experienced a flash crash on popular exchange sites. Although we have seen Bitcoin price hit lows in the past, Bitcoin prices have been pointing upwards since the beginning of this year. Recently, the price of Bitcoin rose to an all-time high, moments after it fell again. As we have seen that Bitcoin reached a record high of $69,325 in the market and this crash happened shortly after reaching this price.
Bitcoin and Euro pairs were temporarily suspended for trading. However, this issue took some time to return to parity with Bitcoin and Euro trading pairs on other exchanges which took about 10 minutes. However, it is claimed that these problems are usually due to lack of liquidity. Simply put, flash crashes are usually attributed to lack of liquidity or "fat finger" trading.
Bitcoin (BTC) lost 23.7% of its value against the euro on Coinbase during a period of high volatility yesterday, when the price of Bitcoin suddenly surged and followed by a bit of a crash moments later. That's after Bitcoin's price hit a record high of $69,325 and rose against the US dollar. But at the same time BTC had a sudden down on Coinbase which basically dropped BTC from €60,000 to €48,529 on Coinbase for the moment. The price is only as low as €58,400. Although such flash crashes occurred suddenly, the cause remains unclear. It even took 10 minutes for the price of the pair to return to parity with other exchanges.
The price of Bitcoin suddenly went up a lot and tried to reach the highest price in history only to suddenly fall like that. But to be honest, if we look at the past records, it is not unusual to have a sudden market crash. We may experience another major crash in the next few days that has been recorded in the past, which could crash the price of Bitcoin by as much as 50 percent. However, divergence between the euro trading pair emerged shortly after Bitcoin hit a new record high of $69,325 against the US dollar. But that position didn't last long as it reversed those gains within minutes, going below $64,000 at one point.
This is unknown news to me, you constantly share unknown news about crypto currency, thank you very much for that
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Great article,the unpredictability of the crypto market is one thing that's both interesting and fascinating.
Indeed this shows how volatile the crypto market can be, as we notice a flash crash after bitcoin reached previous all time high
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Unknown topic.thanks for sharing this.
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