Bitcoin price scyrockets to $2200 on Gemini Exchange

[sana9821]

thats an interesting thing i would have gone crazy if i saw such price when i woke up as then i would have a lot of money if i sold btc

[RyNinDaCleM]

I don't know of any reversal of trades in the stock market, but they will halt the system if it moves too far, too fast, down (obviously, no one would complain about up). This is also on a few exchanges in Bitcoin. Gox had it in 2013 and BFX uses a sort of circuit breaker on their exchange (again, not usually contended in the up direction). As a poster early on in this thread said, it was only about 150 BTC that moved it up and back down, so it's a trivial amount and means nothing to the market as a whole, and likely wouldn't have triggered any kind of breaker even if there were upside triggers.

As for the the Gemini exchange (knew it would be a train wreck, btw) reversing orders... They state it in the ToS that they have full discretion on such events. Don't like it? Don't trade there! You have to agree to the ToS in order to make an account.
This screen shot shows that they apparently deemed this a legitimate use of the ol' "undo" button.

[Nrcewker]

market depth is noy enough, so 

[Nagle]

Right now, total sell side offers on Gemini total under BTC70.  Buy BTC70 on Gemini and send the price through the roof again. Bitstamp, in comparison, has about BTC6000 for sale.

Gemini shouldn't even be offering "market" orders. There's no market there.

[dothebeats]

Looks like I should of put some $1,000 sell orders in.

Heh, why not do it now? Whenever I don't feel like selling, it's been a hobby of mine to put several sell orders at $1000+ ranges. You know, if in case you get lucky and take that order hehe.

[Snail2]

Reversing trades, because of someone was stupid/fatfingered? This Gemini must not be an exchange to be taken seriously :/.

[Karartma1]

I don't trust this exchange and their owners since from the start. There's no reasonable explanation for cancelling trades. It's fraud.

[ynef]

Sigh. Was hoping Gemini to be better than this. Growing pains? Maybe.

[Nagle]

Sigh. Was hoping Gemini to be better than this. Growing pains? Maybe.

More like non-growing pains. The Gemini crowd thought they were going to be a big exchange with big market makers, and a significant player in Bitcoin. In reality, they're a tiny exchange with few customers and no market makers. They're well under 1% of exchange volume.

Here, someone put in a buy order for BTC150 at the market price. That was enough to eat up all the sell orders on the exchange and run the price up to $2200. Right now, in the middle of a trading day, if you bought BTC150 on Gemini at market, you'd take the price up about $75 to about $400. If you did that on Bitstamp, you'd take the price up by maybe $1.