Ethereum briefly crashed from $319 to 10 cents in seconds on one exchange after ‘multimillion dollar’ trade
- Ethereum briefly suffered a flash crash on the GDAX exchange on Wednesday.
- The price fell from around $319 to 10 cents in a matter of seconds.
- Many ethereum traders lost large sums of money.
- The cryptocurrency later rebounded.
The price of ethereum crashed as low as 10 cents from around $319 in about a second on the GDAX cryptocurrency exchange on Wednesday, a move that 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. It has since rebounded from its flash-crash lows to trade to about $325 on the GDAX exchange. According to industry and price tracking website Coinmarketcap, which takes into account the price on several exchanges, ethereum was trading around $338.
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, …