Bitcoin at ATH. Reached 2200 USD on Gemini !!!

[GermanGiant]

[Jeremycoin]

How did this happen, is this kind of a joke or what?
$2200 is way to far from now

[DiamondCardz]

Yeaaaah this was on /r/bitcoin 7 hours ago, you're just posting old stuff now...

Everyone is 99% sure it was just an accidental buy. Nothing new here, move along, Bitcoin is not going to the moon yet.

[OmegaStarScream]

It's nothing and there is nothing to worry about for now since everything is back to normal, they are probably just testing their willybot 

[Lauda]

Reaching such a price level on a single exchange != new high. This is just a sign that Gemini needs more liquidity. I'm still waiting for those "investors" that the twins were preparing for.

[doublemore]

How did this happen, is this kind of a joke or what?
$2200 is way to far from now

There was a very thin order book, this is so sick considering if you sold out @$2000 etc for a few bitcoins that might have been your sell target for the next bubble.  Now you get to rebuy, oh man!

[Pierre 2]

It must be bug or someone was really messed and accidentally did it.
But it is still funny that it hit $2200. HODL guys!

[franky1]

dont worry about gemini.. just take a look on the right side of the OP's screen shot.
gemini has less then 50bitcoins in total to cover orders from $338-$684, so expect many spikes and dumps on gemini as they dont have the bitcoin to support real trade volume.

EG it only takes 8btc to knock the price upto $399.99
then 1btc to knock it to $493
then 21.25btc to knock it to $684

kind of funny actually that they would show such bare orders with no support

[GermanGiant]

Reaching such a price level on a single exchange != new high. This is just a sign that Gemini needs more liquidity. I'm still waiting for those "investors" that the twins were preparing for.

I beg to differ. Last ATH was driven by a single exchange, more particularly by a single man.

[Lauda]

I beg to differ. Last ATH was driven by a single exchange, more particularly by a single man.

Okay, your logic explained: I start a exchange. It has 5 BTC total in sell orders. I buy everything and shoot the price up to $5000 --> new ATH? I think not. Unless we reach this or similar prices on Bitstamp or Bitfinex, there's no point of talking about it. Read:

EG it only takes 8btc to knock the price upto $399.99
then 1btc to knock it to $493
then 21.25btc to knock it to $684

[richardsNY]

The Gemini exchange doesn't have volume and its order book is nothing. With a buy order large enough you can get the price easily to $5000 and higher there.

[Fraxinus]

This happen to be a quick trade and the price isn't at this level now.However,it is good to see such a price for bitcoin

[Tstar]

I was expecting much more from such a thread. All we see is an order filled either by mistake or something.
We can not consider it an all time high. 

[Amph]

it does not count anything, on a tiny exchange with almost no volume compared to the big one

if it happen on a single exchange is pointless, it was the same with the $160 value on btc-e...

[manselr]

It was apparently an error by the trader's side, he meant 220 and screwed up with 2200 by adding an extra zero or something. I think this guy shouldn't have been gifted with that, if we start correcting everyone's mistakes things that aren't mistakes will go reversed with the excuse of being a mistake.

[doublemore]

The Gemini exchange doesn't have volume and its order book is nothing. With a buy order large enough you can get the price easily to $5000 and higher there.

Im kinda surprised anyone even had coins for sale up that high.  Looks like they might be getting some new accounts over there soon.  Now its happened though everyone will be over there incase it happens again, probably unlikely.

[Hellacopter]

I think it's a bug or an error it's very high price and not the actual price of Bitcoin as known
But i hope that Bitcoin reach this price soon this would support this cryptocurrency

[franky1]

I still confused why this could happen ? $2200 today ? Its still impossible, I think this is just joke made someone.

it is possible..
remember the bitcoin price is not based on 15million coins being sold at one time..
its actually usually only 1coin-1000 coins on a market order which when sold gets used as a measure for the other 14,998,000 coins to go by.

the problem with gemini is that for just 50 coins, as shown in the OP's picture. somone can make the price jump to $684.

that said trying to make bitfinex, bitstamp, coinbase jump to $684 or $2000 will take alot more coins.. alot more..

so it is near impossible to jump a price that fast on proper high volume exchanges.. not only because you need to be super rich, but also the deposit limits to do with AML/KYC make it a headache to put in more then $10k, to even eat up large amounts of bitcoin, means its not that big of a chance of happening.

but gemini has so little amount of coins. it doesnt take much to do it

[var53]

Gemini has rolled back the trades now. There's no point putting ridiculously high sell orders on Gemini if it's going to roll back the trades every time one gets filled. I'd be annoyed if I sold at $2000, then got told they've reversed it. I remember a flash crash on Btc-e that didn't get rolled back even if it was caused by a fat finger.

Gemini trades rolled back.  



https://np.reddit.com/r/btc/comments/3ss6kr/gemini_is_reversing_trades_wtf/

[erikalui]

Gemini has rolled back the trades now. There's no point putting ridiculously high sell orders on Gemini if it's going to roll back the trades every time one gets filled. I'd be annoyed if I sold at $2000, then got told they've reversed it. I remember a flash crash on Btc-e that didn't get rolled back even if it was caused by a fat finger.

Gemini trades rolled back.  



https://np.reddit.com/r/btc/comments/3ss6kr/gemini_is_reversing_trades_wtf/

Glad that they corrected the error in time. Still don't get how did the price reach $2200 on the exchange just because of a market order placed as a mistake.

because he had instead of putting a buy order of XXX btc to sit at $220, in the hope that eventually there would be a drop in price to get cheap coins..
he put in $2200.. this means it would eat up all sell orders until either his funds run out, or he gets to his maximum target price of the order.

the reason a mistake hit $2200 is because there is not much volume on the sell orders.. so eating up sell orders and causing a price rise is rather cheap

Thanks a lot. This explains it all.