Ether Traded on Kraken at Less Than Half the Prices Found on other Trades Amidst Massive Sell-off

February 23, 2021

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The second biggest cryptographic money in the market, Ethereum (ETH), at one point traded on the Kraken trade at less than half the values found on several other trades amidst Monday’s significant sale.


During the market melee that pounded cryptocurrency assets across the board, Ethereum’s prices went to as low as $1,546, down from near $1,800. Although, that number was considerably low to $700 on Kraken. 


One of the spokespersons from Kraken stated we saw the values of several digital assets such as Cardano (ADA) and Ethereum (ETH) have a significant downward movement this morning on multiple exchanging platforms just after 14:00 UTC, however, Kraken also saw a rise in sell orders during this period.


In a one-minute time interval, the (ETH/USD) pair on Kraken dropped to $700 at UTC 14:20 Monday from $1628,82 just around three minutes earlier. 


The stunning drop wasn’t consigned to ether. Exchanging of Cardano (ADA) endured a comparative destiny on Kraken, with the ADA/USD pair drooping to $0.156 at 14:23 UTC from $0.842 three minutes earlier. During the exact hour, the most minimal cost of Cardano recorded was $0.835.


This isn’t the first run through this sort of flash crash that happened on Kraken, as indicated by Trustnodes, which noticed the issue on Kraken back in 2018. The report showed that such occurrences generally happen when a merchant inadvertently entered an off-base number during exchanging, conduct nicknamed fat finger error. 


The second leading crypto, Ether’s exchanging volume on Kraken logged more than $888 million on Monday alone, more than twofold that of Friday’s figure. At press time, ether is exchanging at $1,749.94, down 8.92% in the previous 24 hours. On Kraken, it’s at $1777.02, down 8.19%. Clearly, deal time is finished.


Image Courtesy : Pixabay

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