Ethereum has flash crashed for a short period down to $13.05 on popular digital assets exchange Coinbase
Ethereum is currently trading at just over $100 today. However, it appears some lucky traders may have had the opportunity to pick up some Ethereum at well below the current price.
Coinbase recently experienced what looks like a flash crash on the ETH/USDC pair as the price plummeted down to $13.05
One lucky twitter user names @ColeGarnerBTC tweeted about the price drop stating “Filled all my low orders. ALL OF THEM. Sickeningly low!”
$ETH flashcrashed to $13 on GDAX!
Filled all my low orders. ALL OF THEM.
What the FUCK just happened?
Who else got filled on this? pic.twitter.com/h0Kseg97ul
— Cole Garner (@ColeGarnerBTC) December 6, 2018
To those that just sold $ETH for $10 on Coinbase, congratulations!
You matched the entire bear market in mere seconds. #EfficiencyIsImportant
— Zissou™ (@ZeusZissou) December 6, 2018
No one really knows why the price took such a sharp dive, but one can speculate that a desperate individual or possibly an ICO decided to exit the market in bulk and market sell all their ethereum on the book, taking the price all the way down to $13.05 until all its ethereum was sold.
The price crash appears to have only happened on the one trading pair, with Eur and BTC pairs unaffected. Someone clearly had a bad day and market dumped all their ethereum.
Well played to the low ball buy orders that got filled.