The day the Ethereum fell 99.9% in seconds and came to cost 10 cents to the dollar
ethereum·@soyjorge·
0.000 HBDThe day the Ethereum fell 99.9% in seconds and came to cost 10 cents to the dollar
<html> <p><img src="http://www.pedroalberto.com/wp-content/uploads/2017/05/que-es-Ethereum.jpg"/></p> <h1>One of the most commonly used cryptones in the market suffered a sudden loss of value on Wednesday, which led to the cost of 10 cents.</h1> <p><br></p> <p>Imagine that you have in your hands a coin that is worth more than 300 dollars. By the time you finish reading this paragraph, it is already worth 10 cents. Yes, 10 cents.</p> <p>This was what happened on Wednesday, June 21.</p> <p>A sales order in the multi-billion dollar market caused the price to go in seconds from $ 317.81 to $ 224.48.</p> <p>And there occurred the 'crack'. From there they began to execute 'stop-loss'. What is that? In the system where you trade with this currency you put a limit to not lose much money. For example, if your flat was $ 300, as soon as the currency reaches that level the sale is executed and so your tenancy is not devalued anymore.</p> <p>This caused a snowball that was already growing to become giant, bringing the price of the Ethereum to 10 cents.</p> <p>That is, the big sales order created an avalanche with the other sellers. Without enough buyers to demand, the price collapsed.</p> <p>This crash occurred on the platform called GDAX, and Adam White, vice president of GDAX said that "initial investigations show no signs of irregularities."</p> <p>Charles Hayter, CEO and founder of the digital currency CryptoCompare explained in an interview for Business Insider that this operation could be carried out by someone inexperienced in the field.</p> <p>"Most likely, someone with little experience was trying to get out of a position and affected liquidity," he said.</p> <p>Minutes after the crash, the Ethereum rebounded above $ 300 and is currently trading at $ 329.</p> <p>The eToro company, an intermediary in the financial market, said in an e-mail to its users that compared to the 'traditional' markets, the cryptomercado is not so developed and suffers from high volatility and low liquidity.</p> <p>"As a financial services company that interacts directly with several currency exchange sites, we are subject to the same extreme market conditions as other crypto-currency investors, ie low or non-existent liquidity, price collapses, System, etc, "he added.</p> </html>