Another flash crash has occurred for bitcoin (BTC), this time appearing on Coinbase Pro and Deribit exchange.
At 19:55 UTC on October 31, the spot price of BTC dipped from $ 9260 to $ 9055 in a row on the exchange Coinbase for professional traders.
An hour later, Deribit, futures and options for BTC, see the futures price dropped from $ 9,150 to $ 7,720 before bouncing back above $ 9,000 within a few minutes.
Traders Step conscious as some of the commands executed in the process.
Crypto trader @ Crypto_boy1 taking to Twitter to slam Deribit to tell customers that trade will not be rolled back and that they have to manage the appropriate position.
“It’s over. I’ll draw all the funds and never use this exchange again if I was a user” she said.
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As seen above, BTC dropped to a low of $ 7720 on Deribit, sent shock waves throughout the derivatives market. Liquidation Bitmex shoot through the roof, for example.
However, in an official response on the same thread, Deribit said he would try to fix the incident by changing the stop-loss trading price to the level of BTC fixed, depending on the product.
“Equity will be brought back to pre-incident levels, around $ 9,160 price index,” the exchange said.
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One hour before the incident this Deribit, Coinbase Pro users also experienced problems stop-loss order is “erased” right before this BTC sharp decline from $ 9260 to $ 9055.
According to this CoinDesk trade forum user who went by the handle Dojo Radyohead, the price falls below the stop-loss order them, but no sales were executed:
“Coinbase crashed as far as I can see. And it deleted my Stop Loss as it happened, nothing sold for me despite the price being lower than where my stop was. “
Prices have rebounded, this time changing hands for $ 9145, while the problems in the two exchanges seems to be resolved.
Disclosure: The author does not hold cryptocurrency at time of writing.
Ride image via Shutterstock; Charts via TradingView