Ethereum cryptocurrency hit by ‘flash crash’ after plummeting from US$319 to just 10 cents
The price of cryptocurrency ethereum plummeted on Wednesday after the bitcoin rival was hit by a ‘flash crash’ on the GDAX exchange.
Ether, as it’s also known, crashed as low as 10 cents from around US$320 in just a few seconds after a “multimillion dollar sell” order was executed.
The digital currency did stabilise not too long after the sharp fall and is hovering around US$317 on GDAX, although it had been trading as high as US$352 earlier on Wednesday.
According to the vice president of GDAX, Adam White, the sell order resulted in a number of trade being filled from US$317.81 to US$224.48.
As the price continued to fall, another 800 or so stop loss orders – a trade that is automatically executed once a security hits a particular price – were taken out, causing ether to trade as low as 10 cents.
Analysts have pointed to the crash as the latest example that alternative currencies are untrustworthy or unreliable.
Some on social media had suggested that illegal activity had taken place, but White denied this in a blog post.
“Our initial investigations show no indication of wrongdoing or account takeovers. We understand this event can be frustrating for our customers.”
Blockchain start-up backed by Google and Richard Branson in US$40mln raise
Elsewhere in the digital world Blockchain Ltd – a bitcoin wallet start-up – has raised US$40mln, led by Google’s investment arm and UK billionaire Richard Branson among others.
The investment comes at a time of rising excitement and interest in the cryptocurrency world, with both bitcoin and ethereum both recently hitting all-time highs.
Blockchain has created a ‘wallet’ which is a piece of software that can store bitcoins and allows customers to carry out transaction with other users.
The cash raised is expected to be used to expand its team and invest in more research and development.
What is blockchain technology?
A blockchain is a digital ledger in which all transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly.
Think of it as a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update the spreadsheet so all users can see a ‘live’ database.
Importantly, users can add to these databases but can’t erase past transactions or data. That, and the fact data is stored on lots of different computers, means the records of transactions are truly public and verifiable.
Without a centralised version of all the information, there is nothing for a hacker to corrupt either.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/179688/ethereum-cryptocurrency-hit-by-flash-crash-after-plummeting-from-us319-to-just-10-cents-179688.html
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Whistler Blowers, Insiders
Hey, this Ether looks like a real stable investment.
ether is such a shitshow.
that is the case with any cryptocurrency, every time someone dumps their coins. the value crashes
Correct but if it happens with bitcoin because there are only a certain of bitcoin available it will always recover as people buy up dumped coins.. Unless the person with the most coins most likely being its original creator decides to cash his excellent business rort in and collapse his own creation. He would be rich as fk.
and that is a more just economic system? lol
just posted yesterday about karl denniger(ticker guy) writing this stuff is all dog shit and now this! gold/silver or nuthin…
Bitcoin must always rise with alts since all trades are in bitcoin(BTC). If the market crashes and no bitcoin rise in price or increase in trades BTC38 and Poloniex are trading alt shorts, i.e. the exchanges are rigging prices selling what they do not own. The price on these exchanges therefore is rigged.
Now nobody complains when trades are long, but still that should be a bet between the broker and an investor not using borrowed alts to inflate market price. Ethereum is one huge alt bet on a rigged table where the creators are in on the snake oil sale. The problem bar the hype is that these cryptos other than Bitcoin and Dogecoin just are not traded for goods and services n the real world. The acid test of value.
Ethereum is futures bets on blockchain technology hyped to banks, Russia, old ladies and other miners which you can get by creating your own blockchain with premined coins without paying the billion dollar premium for an already hacked technology.