Bitcoin flash-crashed 30 percent on a cleared orderbook. Meanwhile alternative cryptocurrency Litecoin stayed mostly flat since last Friday. But as usual let’s start with big brother first.
Bitcoin Flash-Crashes 30 Percent
Bitcoin flash-crashed close to 30 percent in 2 minutes. The crash happened due to a large sell order on the BTC-E orderbook. This market order cleared the entire buy side all the way down to $194 dollars per coin.It only took 2 minutes to go from $276 to $194 dollars, a fall of 30 percent. Then the arbitrage bots took advantage of the opportunity and bought up the cheap BTC-E coins. Because FxOpen sources its data from BTC-E, we saw identical decline on its platform as well.
Read More https://blog.fxopen.com/bitcoin-rally-hangs-by-a-thread-after-crash/