The price of ethereum crashed as low as 10 cents from around $319 in about a second on the GDAX cryptocurrency exchange on Wednesday, which is being blamed on a “multimillion dollar market sell” order.
Ethereum is an alternative digital currency to bitcoin and had been trading as high as $352 on Wednesday.
Adam White, the vice president of GDAX which is run by U.S. firm Coinbase, posted on the exchange’s blog, outlining what took place at around 12:30 p.m. PT on Wednesday. According to White, the multimillion dollar market sell order resulted in a number of orders being filled from $317.81 to $224.48.
As the price continued to fall, another 800 stop loss orders and margin funding liquidations caused ethereum to trade as low as 10 cents.
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