[Alert] Sudden Unexpeceted price change.

[Sohyun Park]

Couple of hours ago there was a price change in Bitmax from 10237 to 8520 on BTC/USDT and few other pairs



Please check that your stop loss were not hit or your orders are not affected.

[Findingnemo]

This might be due to someone trying to sell the coins for cheaper than how much they can be sold due to intentionally or mistakenly but t is not going to affect our trade orders.

[logfiles]

This might be due to someone trying to sell the coins for cheaper than how much they can be sold due to intentionally or mistakenly but t is not going to affect our trade orders.

I still wonder how someone can sell coins at a price way lowerer than on the orderbook even if it's by mistake because the top buy orders in the order book have to be filled up first. The only  exchange that i know that allowed a person to fill any buy order in the orderbook whether it was the first or last one is Etherdelta and this promoted a lot of price manipulation.

I doubt any centralized exchange employs such a mechanism.

What i think happened with the flash drop is probably some whale was trying to offload some coins and in the process, could have triggered some stop loss orders which in turn led to a flash price drop.

If you look at the trade volumes at the bottom at that very point. It shows that there were huge sales that were executed.

[el kaka22]

I am pretty sure it is just someone selling a ton of coins to drop for that exchange and then arbitrage people buying all of it to make it go back. It happens all the time in every single exchange, hell there was an instant where a trading bot mistakenly sold a ton of eth (or maybe bought, I forgot) and that was a big deal at the time, someone literally lost a ton of money because their trading bot screwed up.

Same could always happen, even if it is not trading bot, how much volume could there be in one exchange, even the biggest ones have only couple million at most to drop for a while, you can sell like 5 million dollars right away (5 mil worth btc of course) and drop the price, however arbitrage people will buy it right away to sell somewhere else and make a profit.

[Ryker1]

Well, look likes really strange for me or I suspect that someone selling their huge amount of bitcoin as what others say above my post. Another reason perhaps that exchange site has users that having a trading and mistaken sales huge amount. Well, we can't conclude as of now better to join their group and ask what is really happen on their bitcoin market history. Indeed, that is not a critical situation that probably made panic by their traders.

[Oilacris]

I am pretty sure it is just someone selling a ton of coins to drop for that exchange and then arbitrage people buying all of it to make it go back. It happens all the time in every single exchange, hell there was an instant where a trading bot mistakenly sold a ton of eth (or maybe bought, I forgot) and that was a big deal at the time, someone literally lost a ton of money because their trading bot screwed up.

Same could always happen, even if it is not trading bot, how much volume could there be in one exchange, even the biggest ones have only couple million at most to drop for a while, you can sell like 5 million dollars right away (5 mil worth btc of course) and drop the price, however arbitrage people will buy it right away to sell somewhere else and make a profit.

These times are indeed a good opportunity if you do able to spot on.Ive been looking for these kind chances when I do trade up because you would definitely gain profit since you can arbitrage but same as you said people will buy it right away once being spotted because these are golden opportunities to make money.

Usually these are either bot or human error which trying to push down the price.

[Kemarit]

I am pretty sure it is just someone selling a ton of coins to drop for that exchange and then arbitrage people buying all of it to make it go back. It happens all the time in every single exchange, hell there was an instant where a trading bot mistakenly sold a ton of eth (or maybe bought, I forgot) and that was a big deal at the time, someone literally lost a ton of money because their trading bot screwed up.

I agree, maybe someone is trying to manipulate the price on that exchange and causes the massive spread on the price. Probably whales trying to trick investors and speculators.

Same could always happen, even if it is not trading bot, how much volume could there be in one exchange, even the biggest ones have only couple million at most to drop for a while, you can sell like 5 million dollars right away (5 mil worth btc of course) and drop the price, however arbitrage people will buy it right away to sell somewhere else and make a profit.

I was under the impression that arbitrage is dead already. But I could be wrong as people are really trying to make money here. So I wouldn't be surprise if some trading bot did it or just picking up the price. Good thing though is that the price remains relatively stable above $10,xxx.

[hugeblack]

These differences vary from one platform to another and maybe about $ 2000 difference between each of them, the price that appears now is the average price, and take as an example:
Price now at CMC: $10,008.69  Price at BKEX: $10,426.64    Price at YoBit: $9,960,869.

The indicator that you mean is the highest price for the last 24 hours and the lowest price at that time.
Which could change by more than $ 2000 depending on the nature of the change.

[exstasie]

I am pretty sure it is just someone selling a ton of coins to drop for that exchange and then arbitrage people buying all of it to make it go back.

Bitmax has 10x leverage on the BTC/USDT market despite having really thin books. Someone probably dumped into the book trying to trigger stop losses and margin calls. Looks like they succeeded. This is why people should only margin trade at larger, highly liquid exchanges.

[Findingnemo]

This might be due to someone trying to sell the coins for cheaper than how much they can be sold due to intentionally or mistakenly but t is not going to affect our trade orders.

I still wonder how someone can sell coins at a price way lowerer than on the orderbook even if it's by mistake because the top buy orders in the order book have to be filled up first. The only  exchange that i know that allowed a person to fill any buy order in the orderbook whether it was the first or last one is Etherdelta and this promoted a lot of price manipulation.

I doubt any centralized exchange employs such a mechanism.

What i think happened with the flash drop is probably some whale was trying to offload some coins and in the process, could have triggered some stop loss orders which in turn led to a flash price drop.

If you look at the trade volumes at the bottom at that very point. It shows that there were huge sales that were executed.

When someone selling millions worth of cryptos for cheap then it could lead to manipulation because people urges to sell for hat price to save them from further loss which we call as panic selling but there maybe some trades happen mistakenly for cheap prices and can be acceptable if the volume is minimal.

[Herbert2020]

...
When someone selling millions worth of cryptos for cheap then it could lead to manipulation because people urges to sell for hat price to save them from further loss which we call as panic selling but there maybe some trades happen mistakenly for cheap prices and can be acceptable if the volume is minimal.

you don't have to sell millions when the orderbooks aren't that packed to cause a drop. a simple sell of a large amount could trigger an avalanche effect with those that have set automatic executed sell orders whether through the platform or with their bad bots that don't have any other conditional other than the price itself! and that can cause the chain reaction and cause this type of drop.
but since it is artificial it can never last. as you can see it JUMPS back up.

[Sohyun Park]

It was with multiple pairs thus I posted the alert if some sold at low and other reasons will be validate if it was with BTC/USDT pair only. But, that was not the case.

[Reid]

Wow.
Lucky for those who have bought at that price.
But I betting that aint that large in amount.
Some idiot might be drunk and still imagining things or maybe his brain is still living a month ago.

This could not happen even if you are selling in a rush.