Ethereum Flash crash to $13 observed on Coinbase, is history repeating its self?

[Bitcoinnation]

Today a flash drop in ethereum's price was observed on GDAX, It's reported that orders where even filled
Quick profit huh?
According to This article: Ethereum Flash Crashes to $13 on Coinbase

Most flash crashes occur due to mistyped or misfiled trading orders at low prices. On exchanges, investors can easily make a mistake in entering a wrong figure for a buy or a sell order.

For instance, a potential Ethereum buyer may have wanted to file a buy order at $13 to purchase the digital asset at the lowest support level possible, but engaged in a careless mistake and filed a sell order at $13 instead.

However is still refuse to believe in that explanation... I believe it was some sort of manipulation. Who remembers when ETH temporarily fell from $322 to $0.1 around June last year?

I think someone is trying to repeat history. If it's a mistake by a trader as claimed by coinbase, why doesn't it occur more often? and why isn't the system rectified so that it's mistake-proof to traders just like other exchanges?
Something is definitely not right.
What are your thoughts?

[playboy654]

I believes that it is mistyped $13 instead of $103 or something like that because there is no reason for someone to sell their coins to lower price when the market is exchanging them at high prices and as you said it can be manipulation but how much ethereum were sold at that price to make the demand to fall.

[Bitcoinnation]

how much ethereum were sold at that price to make the demand to fall.

It must have been a lot of Ether( imagine filling up all those buy orders/Bids all the way from above $85 at that time to $13 on a popular exchange like GDAX)If it was one individual doing this, it must have been a whale holding lots of Ethers and at the same time probably had lots of money, because if the Coinbase's claims of someone wanting to buy instead of selling are correct... Then it implies he wanted to buy more ethers at $13

[khufuking]

Isn't the order get filed first buy what is available even if I entered a different number? For example, if I mistyped a sell order and typed $13 instead of $103 would the orders still filed by the highest bidder? I don't have Coinbase account but I think it is probably working as all other exchanges. Anyway a mistake or not I don't think it affected the market in any way.

[apitico]

I think that most likely it was just a mistake of some trader, because it is difficult to call manipulation, as the collapse of prices because of this will not happen, the typo is also unlikely.

[Bonheur]

Is that even true.I saw that in twitter and thought it was a joke.Well if even this happened, I don't think that it was a flashcrash.I think someone wrote the wrong number and some other lucky guy, or maybe even he himself bought it.

[bttmember]

The positive out of this flash crash is thatwe must have seen the formation of rejection pin bar due to this crash so we can definitely expect reversal and recovery after such a strong rejection candle.

[playboy654]

how much ethereum were sold at that price to make the demand to fall.

It must have been a lot of Ether( imagine filling up all those buy orders/Bids all the way from above $85 at that time to $13 on a popular exchange like GDAX)If it was one individual doing this, it must have been a whale holding lots of Ethers and at the same time probably had lots of money, because if the Coinbase's claims of someone wanting to buy instead of selling are correct... Then it implies he wanted to buy more ethers at $13

But that didn't happened the price of ethereum is nearly to $100,good to see.Might break the metal barriers of some traders now by entering three digit value after huge fall.And all the cryptos looks green now hope it will rise continuously.

[Herbert2020]

Most flash crashes occur due to mistyped or misfiled trading orders at low prices. On exchanges, investors can easily make a mistake in entering a wrong figure for a buy or a sell order.

For instance, a potential Ethereum buyer may have wanted to file a buy order at $13 to purchase the digital asset at the lowest support level possible, but engaged in a careless mistake and filed a sell order at $13 instead.

this only proves that the author not only has never used an exchange in his life but also has no idea how exchanges work.

if for example price of ETH is currently $50 and you place a buy order at $10 your order will NOT be filled at $10 but it will be filled at $50 because the system automatically picks the highest order in orderbook and fills that.
orderbook is like a stack of last in, first out and that rule can NOT be changed.

as a result if you see price has dropped to something like $10 in my example then it means all the orders in the stack were filled the $50, $49.99, $49.98, .... up until $10. in other words that much ETH were sold to push the price that low.

I think someone is trying to repeat history. If it's a mistake by a trader as claimed by coinbase, why doesn't it occur more often? and why isn't the system rectified so that it's mistake-proof to traders just like other exchanges?
Something is definitely not right.
What are your thoughts?

it is not the exchange fault that someone chose to sell that much Ether and the market couldn't handle it. so your real question should be why did the whale dump that much ether and why did others follow him by selling to crash it down to $13?
it might be a bot mistake which sold a larger amount instead of a small one or it may be a dumb whale thinking he can manipulate price by dumping on one exchange instead of all of them at once
if someone wanted to repeat history then they would have dumped on Coinbase, Poloniex, Binance, Bittrex at the same time.

[Mt. Dempo]

I think this is just a rumor and their own opinion, maybe the news was written to make some people get confused and worried, so that each reader will panic and get stuck in the perception of this news, even selling at low prices as they expect.

[watergold]

if indeed the flash crash happened because the typo was actually a natural thing, especially by people who just jumped in the world of crypto.I often see it happening in the idodax model.
but if that happens because there is fraudulent account fraud can occur

[kamar25]

this is not a game or rhetoric but this is a dynamic, the ups and downs will continue to occur. Our weakness is not knowing how long the decline occurred. so many have made false rhetoric because of their worries

[rasulibragimavic]

I think that someone lost his nerves and the trader sold all his coins at the current rate. It's like a couple of months ago I saw that bitcoin was sold on orders from 6000 to 1000 dollars.

[wuvdoll]

I was thinking maybe it was a trading bot. I mean they are known to make these kinds of mistakes and buy or sell at the wrong prices specially when they are being developed for the first time. The old ones that people already know about and use probably don't make that type of mistakes but there are bots developed here and there all the time and maybe a new one was trying to get some beta tests done and created this trouble.

Obviously, we will never know why this happened and what caused it but a trading bot making this mistake makes more sense than a person making it, people are more careful and usually try to double check everything whereas trading bots do thing a lot carelessly because they do not have any emotions, just rules they follow and if badly developed they can cause these type of problems.

[Ubrfeh]

Of course lucky those people who put on this exchange orders , but of course I agree that most likely it was because of the trading bot.