Did Bitcoin Really Experience A Flash Crash Down To $5,400?
2021年9月22日 - 2:00AM
NEWSBTC
Bitcoin has been plagued by numerous dips that have left the price
of the asset at one-month lows. Monday was brutal for the
cryptocurrency as the close of the weekend drew in with its low
momentum in the market. This, in turn, led to the market
experiencing a downtrend. Most notable was the price of bitcoin
actually dropping into the $42,000 price range. While the market
dealt with this, a record flash crash happened on the trading
platform Pyth Network. The crash was so significant that it saw the
price of bitcoin lose almost 90% of its current value. The price
crash lasted for approximately two minutes. Driving the price of
bitcoin down to as low as $5,400 on Monday. The crash happened
between the BTC <> USD pair on the Pyth Network. The
Solana-based solution also saw the confidence interval (four times
the asset reported price) for bitcoin drop to $21,623. Related
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Between 12:21 and 12:23 UTC the Pyth BTCUSD aggregate price was
below $40,000 – the lowest price reported was $5,402 with a
confidence interval of $21,623 (4x the asset reported price) for a
single slot – which was off-market relative to the BTC price
available on other markets — Pyth (@PythNetwork) September 20, 2021
Pyth Network acknowledged the crash on their Twitter account, where
they assured their users that they were working to figure out what
caused this. “Engineers are continuing to investigate the cause and
a full report is in the works,” it said. BTC price recovers after
falling to low $40K | Source: BTCUSD on TradingView.com Why Did
Bitcoin Crash So Much? It is still not clear what the reason behind
the crash was. So far, there seem to be no other pairs affected by
the crash. And no other cryptocurrencies have been reported to have
suffered the same fate as bitcoin. The crash led to massive
liquidations on the platform, which were, “unfortunately working as
intended,” tweeted Bonfida. Related Reading | While Broader
Crypto Market Holds Its Collective Breath, Whales Are Loading Up On
Bitcoin The crash no doubt affected a number of Pyth Network users.
The network has apologized to affected users, saying, “We’re very
sorry for any hurt incurred for Pyth customers.” And the team has
asked those affected by the flash crash to reach out to the team
either through Twitter or Discord. The team continues to work on
figuring out the cause of the crash and will produce a report of
their investigations. Featured image from Yahoo Finance, chart from
TradingView.com
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