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GDAX credits Ethereum Flash Crash traders

TargetSignal | Jun. 26, 2017
GDAX credits Ethereum Flash Crash traders

Did your Ethereum trade touch Stop Loss order after GDAX exchange Ethereum price collapsing over 94% to $0.10? Based on the PR announcement, GDAX will credit Ethereum Flash Crash traders.

25 June, AtoZForex - Many investors were shaken last week with the Ethereum Flash Crash. Nobody could have expected such a technical glitch where ETHUSD would collapse to $0.10 from $300+ within minutes. Indeed, many Ethereum traders on GDAX exchange lost money in last week's ethereum "flash crash" . According to the GDAX cryptocurrency exchange those who lost money or stopped out during the flash crash will be credited.

Initially, according to the GDAX Ethereum Flash Crash reasoning, the collapse of the Ethereum prices was due to  a "multimillion dollar market sell" order.

Are you an Ethereum Flash Crash trader?

According to the GDAX Vice President Adam White, all trades were executed properly. However, some traders did not receive the quality of service the GDAX strives to provide. Thus, those affected customers will have their ETHUSD account restored to the equivalent of the account at the moment prior to the rapid price drop.

From non-cryptocurrency experience perspective, we could consider that some of the loss orders were triggered based on pending stop loss orders. However, for those who would have had pending buy limit orders, were likely to benefit from this technical malfunction.

Indeed, according to our Ethereum Price Forecast analysis earlier, we have commented that Ethereum crash was likely to happen. Although, blockchain technology has the opportunity to take over the finance as we know, it is still at its infant stage. The system, is yet to be able to handle larger transactions, making it vulnerable for market manipulation.

Tags Ethereum
Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.