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Bitcoin Flash Crash Cripples Coinbase as Exchanges Strain Under Pressure

Bitcoin Flash Crash Cripples Coinbase as Exchanges Strain Under Pressure

A widespread flash crash of Bitcoin price that took place yesterday — reported earlier in our BitcoinNews.com daily market sentiment analysis — had apparently had an effect on traders across several major crypto exchanges, including Coinbase, Binance, Bitfinex and Deribit.

The sudden dip in price led to these traders unable to access their accounts, although those on platforms like PrimeXBT were able to take advantage of the situation as others scrambled.

Having risen over 250% in just a few weeks, Bitcoin is touted by many analysts to be in a full swing of bullish and parabolic patterns, looking to emulate the last huge run in late 2017 that resulted in skyrocketing demand across the world, pushing prices to above global averages in markets where supply simply could not keep up

This recent crash was just a sample of things to come, with Coinbase unable to be accessed by many traders and even Binance, considered by many to be the largest outside of North America, caused some issues for people.

Irate traders took to social media, as usual, to vent their frustrations, when Bitcoin suddenly dipped around 2:00 pm EDT wiping out all the gains from the past 24 hours and then some. Traders began reporting that Coinbase, Binance, BitMEX and Bitfinex, among others were inaccessible.

Of course, many resorted to old theories of Tether and Bitcoin manipulation, with some taking a dig at the stablecoin linked to many a Bitcoin price scandal:

Relax guys, it’s just Bitfinex cashing out on Coinbase 🤣

— Gal Tesler (@galtesler) June 27, 2019

Whether or not there is “something fishy” going on with how all these platforms crashed for a while, there can be no doubt that FOMO season is here now. Just what it will do to Bitcoin’s price is anyone’s guess.

Anyone think theres something fishy about the fact that Coinbase, Bitrue, Bitfinex, etc. Go down during a huge parabolic move? We saw “overloading” and other excuses during Bitcoin Cash listings. And Binance going down for hacks, etc. Can’t help but feel like they’re all

— DM SPQR (@distributedmind) June 26, 2019

 

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CME Futures Gap Suggests Bitcoin Near Target of $18,000

CME Futures Gap Suggests Bitcoin Near Target of ,000

Bitcoin trader and self-styled “shitcoin trend trader” Rampage claims that “gaps” in the Bitcoin futures market on the Chicago Mercantile Exchange (CME) suggest that Bitcoin prices could soon rise to meet those gaps at prices of USD 18,000.

With price indicators of the top cryptocurrency by market capitalization heating up in recent weeks, backed by strengthening fundamentals and technicals, more and more segments of the market are convinced that this is the consolidation phase leading to positive momentum in the medium and long term.

$BTC CME gaps yet to be filled;

– $18,500
– $17,700

Look’s like we’re headed back to fill those gaps! pic.twitter.com/DUiCdX23cq

— 𝓡𝓪𝓶𝓹𝓪𝓰𝓮 🦍 (@Thrillmex) May 21, 2019

Rampage is one trader who makes USD 10,000 predictions look conservative, but his point that the gaps in the CME Bitcoin Futures charts that are yet to be filled, offers some legitimacy.

“Filling the gap” as it is referred to in financial markets, is a process in which an asset eventually returns to former price levels where a void has formed in a chart. This typically happens when the asset’s value quickly rises or falls when trading is offline — and this happened to CME futures when Bitcoin prices fell. The resulting gap is usually far away from the asset price, but can act as magnets for price action.

The most recent example for Bitcoin was the flash crash from USD 8,300 to USD 6,300, in which a sudden and extreme sell-off filled the gap left by Bitcoin’s surge from April.

 

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Bitstamp Investigates $250M BitMEX Liquidation

bitstamp, bitmex, investigation

After the shock slippage of Bitcoin price on Friday, as well as the observations posted on social media regarding large sell orders on Bitstamp, one of the world’s oldest Bitcoin exchange has launched an internal investigation on the large Bitcoin sell order.

As CoinTelegraph reported, the company announced the investigation on its Twitter account, seemingly to unearth the reasons behind the large sell order that significantly impacted its order book, causing a flash crash from around USD 7,800 to USD 6,250 in under half an hour — a loss of about 20%. Forklog also confirmed that about 5,000 bitcoins had been involved in the sell order, each sold at USD 6,200.

2/2: We closely examine every event that causes large-scale movement in our order book and have started an immediate case investigation.

— Bitstamp (@Bitstamp) May 17, 2019

The order is thought to have also triggered a sell-off of roughly USD 250 million on BitMEX, which was almost immediately liquidated during that 30 minutes, causing more immediate panic and triggering further selloffs. However, prices than stabilized at around USD 7,300 where it continues to trade today. Bitstamp insists that its platform had not malfunctioned and was operating as it should be at the time.

Some commentators within the crypto space suggested to Bitstamp an alternative scenario, believing that this could have been a mistake, as the selling price could have been USD 8,200 (which was the price at the time) instead of USD 6,200.

This means some idiot placed a sell order wayyyy below market price – they could have sold for at least 2 k more per coin meaning 10 million in lost equity for no reason. I’m guessing they meant to enter “8200” but entered “6200”

— jgmeyer247 on twitch (@DankSmoke4) May 17, 2019

 

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