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In the midst of a healthy ongoing rally, Bitcoin experienced a flash crash, dropping to $51,000 and rallying back up in less than a minute on the Bitstamp exchange.
Bitcoin is having very solid runs starting a week full of optimism. At the time of writing, the price of BTC is still fluctuating between $56,000 and $57,000. However, a rare incident happened with Bitcoin.
Specifically, on October 11, the Bitcoin price had a strong “dump” to around $51,000 on the Bitstamp exchange’s spot market. The flash crash immediately rebounded shortly after. Fortunately, other markets were not affected.
At that time, BTC was standing around $55,500 before it suddenly dropped to $51,000, according to the chart above, startling investors. Volume data shows that 212 Bitcoins were sold simultaneously on the above time frame, which most likely caused such a sharp and rapid drop.
This is not the first time that such a large and “individual” incident has taken place on Bitstamp, one of the oldest cryptocurrency exchanges in the world. In 2018, investors had a “howling” phase with Litecoin (LTC), only because of the error of a trading bot, Litecoin dropped to 1 USD. Or on May 22, 2020, the price of Bitcoin on Bitstamp lost up to $600 in a single candle that lasted less than a minute.
– See more: Extreme tension from Bitstamp exchange – Litecoin dropped to 1 USD
In addition, this year, “big” Binance also encountered a serious error with the leading coin of the market, Polkadot (DOT). Polkadot’s “Flash crash” caused the DOT/USD futures contract on Binance Futures margin to experience a flash crash as the price dropped from $33.86 to $0.20.
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