Another crash crash occurred for bitcoin (BTC), appearing this time on the Coinbase Pro and Deribit exchanges.
On October 31, at 19:55 UTC, the BTC spot price went from $ 9,260 to $ 9,055 on a quick exchange of Coinbase to professional traders.
An hour later, Deribit, a futures and options exchange for BTC, saw futures prices fall from $ 9,150 to $ 7,720 before rebounding above $ 9,000. in a few minutes.
The move caught traders off guard as several orders were executed during the process.
Crypto trader @ Crypto_boy1 joined Twitter on slam Deribit to indicate to customers that transactions would not be canceled and that they should manage positions accordingly.
"It's over, I would withdraw all the funds and never use this exchange again if I were a user," he said.
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As noted above, the BTC dropped to $ 7,720 on Deribit, which caused a shock wave in the derivatives market. The liquidations exploded in Bitmex, for example.
However, in a official response On the same subject, Deribit said it would try to rectify the incident by changing the price of stop-loss transactions by setting it to a fixed BTC level, depending on the product.
"The equity will be brought back to the level before the incident, around the index price of $ 9,160," said the stock market.
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An hour before the Deribit incident, Coinbase Pro users also encountered problems as "stop-loss" orders were "dropped" just before BTC's sharp drop from $ 9,260 to $ 9,055.
According to a user of CoinDesk's Dojo trading forum who closely follows Radyohead, the price fell below his stop-loss order, but no sales were made:
"Coinbase has crashed as far as I can see. And that erased my Stop Loss as it happened, nothing sold for me despite a lower price than my stop. "
Prices have since rebounded, currently changing hands for $ 9,145, while the problems on both exchanges seem to be solved.
Disclosure: This author does not hold any cryptocurrency at the time of writing.
Ride image via Shutterstock; Charts via TradingView