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Bitcoin “flash crash” turns heads
Posted by: Speedy
Date: March 21, 2024 05:08AM
[sherwoodmedia.com]

Whoops… Bitcoin’s up more than 40% this year, but for a brief moment this week things weren’t lookin’ so hot. On Monday, the price of BTC on the Seychelles-based BitMEX exchange plummeted to $8.9K (against the dollar-pegged stablecoin tether) before recovering 10 minutes later to about $67K. Meaning someone who bought the dip within that time could have sold for a nearly $60K profit minutes later. BitMEX said someone selling huge amounts of bitcoin was behind the “flash crash,” which can occur when an order book’s sell orders significantly outnumber its buy orders.



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Re: Bitcoin “flash crash” turns heads
Posted by: freeradical
Date: March 21, 2024 10:25AM
So it doesn't take much trading volume to affect the price.

That's interesting.
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Re: Bitcoin “flash crash” turns heads
Posted by: ztirffritz
Date: March 21, 2024 12:25PM
Quote
freeradical
So it doesn't take much trading volume to affect the price.

That's interesting.

Not necessarily. If someone dumps $500million of Bitcoin in a few seconds that could move the needle.



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Re: Bitcoin “flash crash” turns heads
Posted by: Mactel
Date: March 21, 2024 02:00PM
There is a certain orange blowhard who needs cash now. Maybe good ol' Putin sent him some bitcoin...
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Re: Bitcoin “flash crash” turns heads
Posted by: PeterW
Date: March 23, 2024 03:49PM
Or maybe some drug-addled first child needed to pay off some taxes and used his sugar bud’s account.
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