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Author Topic: [2019-01-06] Bitcoin to Zero: Bitcoin Price Flash Crashes 99% on BTC/CAD  (Read 71 times)
CryptoBry
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June 01, 2019, 06:17:03 AM
Last edit: June 01, 2019, 06:33:16 AM by CryptoBry
 #1



Bitcoin is going to zero. We’ve all heard the repeated doom and gloom predictions from pundits and critics of digital assets. As recently as last week, the New York Post published an article that was barely a few sentences of useless counterarguments against Bitcoin’s recent rally, asserting the cryptocurrency would soon reach zero.

But have you ever watched Bitcoin almost hit zero right before your very eyes? That’s what happened overnight last night on the Kraken cryptocurrency exchange during trading sessions of the BTC/CAD pair. BTC as you know is the “cashtag” or trading symbol of Bitcoin, and CAD is the symbol for the Canadian dollar.

Crypto traders who keep a small amount of fiat on reserve with bid orders for crypto assets placed extremely low in case of a flash crash, may get filled and experience the most profitable trade of their lives in a matter of seconds.

Furthere Read: https://www.newsbtc.com/2019/05/31/bitcoin-price-flash-crashes-btc/

This is a very interesting news and one that can happen only in a blue moon. Isn't it amazing that the prophets of gloom and doom predicting that bitcoin can go zero in price -- will have their field day on this unique event? How lucky are those who were able to buy bitcoin at just 100 CAD.


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June 01, 2019, 10:03:49 AM
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   I am surprised that the New York times wrote this article. To me it seems bitcoin is developing perfectly in the USA.
There where latest news about Starbucks and Facebook. All of them are huge companies with big influence. If bitcoin is going to cost zero "soon", then why would all of those corporations, develop their digital payment area?
A little bit illogical, don't you agree?

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June 01, 2019, 10:30:59 AM
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This is a very interesting news and one that can happen only in a blue moon. Isn't it amazing that the prophets of gloom and doom predicting that bitcoin can go zero in price -- will have their field day on this unique event? How lucky are those who were able to buy bitcoin at just 100 CAD.
I doubt many have been lucky enough to buy. Most orders in that book must have been spoof orders (orders being withdrawn the moment the price comes near them), which is why the price went down that much.

If there was any form of real liquidity in that pair, it would have dropped to a few thousands at its lowest. This is a good time for Kraken to look into who's spoofing its books to prevent this from happening again. This is bad marketing.

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June 01, 2019, 04:02:20 PM
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I doubt many have been lucky enough to buy. Most orders in that book must have been spoof orders (orders being withdrawn the moment the price comes near them), which is why the price went down that much.

If there was any form of real liquidity in that pair, it would have dropped to a few thousands at its lowest. This is a good time for Kraken to look into who's spoofing its books to prevent this from happening again. This is bad marketing.

It was probably done to trigger trading bots, like making them sell coins very cheap, by tricking them into thinking that Bitcoin is crashing for real. If it's true and indeed worked (judging by the fact that the price actually crashed), developers need to improve their algorithms to spot these kind of exploits against their bots.

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June 01, 2019, 05:35:04 PM
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If it's true and indeed worked (judging by the fact that the price actually crashed), developers need to improve their algorithms to spot these kind of exploits against their bots.

I think these exploits are the result of people using third party bots that are programmed to work how the programmer(s) programmed the bots to work. Retailers especially use mass produced bots that are easy to manipulate because you know how they react when X or Y happens. It wouldn't surprise me if the backend details are sold to whales.

https://www.reddit.com/r/CryptoCurrency/comments/7z51k1/what_is_going_on_with_xbtcad_on_kraken_lately_why/

XBT/CAD pair on Kraken is shit. An 80BTC sell wall a year ago managed to keep the price below $13,000CAD for a couple of days. No wonder it flash crashes like that.

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June 01, 2019, 08:02:22 PM
 #6

Yeah, there is no volume on that market. Coinmarketcap says the current 24h volume for BTC/CAD on Kraken is only $300,000, which is less than 40BTC. Add that to all the fake volume, bots, spoof orders, etc. and a single trade wouldn't even have to be that large to suddenly crash the market like it did.

In amongst all that mess, there will have been at least one guy I'm sure with a buy order sitting at like $200 who just got the best discount of his life. Cheesy

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