Flash Crash: Ethereum Price Flattens Before Resurfacing Near $300

Ether, the digital token of Ethereum, a cryptocurrency that is up over 3500% in 2017, plummeted to a low of $13 on Wednesday evening on GDAX, losing some 25x in value before making up those losses

According to data from cryptocurrency exchange GDAX, ether prices sunk to a low of $13 today at approximately 20:30 UTC. In the minutes leading up to the fall, ether was trading at $317.

The impact of the crash saw GAX operator Coinbase disable margin trading on the ETH-USD order book before completely disabling Ethereum trading.

Updates on GDAX’s status page read:

Investigating – We’re currently investigating sign-in issues on GDAX.com, as well as the cause of rapid price movement on the ETH-USD order book. We have disabled further margin funding for the time being.
Jun 21, 12:53 PDT

Update – Trading is disabled for ETH-USD while we investigate this issue. We are also investigating reports of sign-in issues on GDAX.com.

The fall comes at a time when the Ethereum network – the world’s second-largest public blockchain after bitcoin – is seeing an unprecedented rise inactivity. On June 20, the network reached 300,000 transactions, according to data from Etherscan.

Some Ethereum adopters have pointed the finger squarely at ICO token sales, a radical new crowdfunding model powered by cryptocurrencies that have proven to be enormously successful in recent months.

Featured image from Shutterstock.

Last modified: March 4, 2021 4:57 PM

Samburaj Das

Samburaj is Editor of CCN.com, one of the earliest and foremost publications covering blockchain, and financial technology news. Now focusing on Markets, Showbiz, Sports, and Gaming. He has authored over 2,000 articles for CCN.com. Reach him at samburaj@ccn.com. Visit his LinkedIn profile here.