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Bitfinex 'Flash Crash' Caused Bitcoin Price to Briefly Fall 14%
Aug. 20, 2015 11:53AM PST
Fintech InvestingA ‘flash crash’ on the bitcoin exchange BitFinex caused the value of the currency to drop 14% in just half an hour.
A ‘flash crash’ on the bitcoin exchange BitFinex caused the value of the currency to drop 14% in just half an hour.
According to CoinDesk:
The CoinDesk Bitcoin Price Index had been holding steady between $250 and $255, but dropped to a low of $214.36 just before midnight (UTC). In the same period, the Bitfinex price sunk 29% to $179.35.
Bitfinex, which claims to be the most liquid exchange in the world, told CoinDesk the ‘flash crash’ was triggered when several leveraged positions were forcibly closed in close proximity to each other.
[…] Zane Tackett, BitFinex’s director of community and product development, told CoinDesk the exchange does have such ‘circuit breakers’ in place for orders that will move the market beyond a certain percentage, however they were not triggered as it wasn’t any singular order that caused the ‘flash crash’.
Click here to read the full article on CoinDesk.
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