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Flash Crash: Ethereum Price Flattens Before Resurfacing Near $300

Last Updated March 4, 2021 4:57 PM
Samburaj Das
Last Updated March 4, 2021 4:57 PM

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.