Bitcoin flash-crashed to just $5402 on this one exchange, oops

The last time Bitcoin (BTC) was at that price was over 4 years ago... imagine picking up some BTC for just $5402 each... my god.

@anthony256
Published Wed, Sep 22 2021 9:11 PM CDT   |   Updated Sun, Oct 17 2021 9:20 AM CDT

Bitcoin has been hovering at around $50,000 for a while now but BTC flash-crashed down to just $5402 on Pyth Network oracle's BTC/USD feed... the problem caused liquidations to happen on an insane, flash-crashed price.

BTC was staying at the $50,000 or so during the first week of September 2021, before dropping down to $45,000 or so last week, and now down to $40,000 or so this week before climbing back up to $43,000 at the time of writing.

The price of Bitcoin flash-crashed to $5402 between the hours of 12:21 and 12:23 UTC on Monday, while BTC was trading for $43,500 on most centralized exchanges. The Pyth Network is a Solana-based oracle network that acts as a bridge between blockchains and real-world data, adding that the flash-crash down to $5402 was caused because two of its data sources published a near-zero price, and received a relatively higher weight from the network's aggregation logic.

Pyth Network explains: "The Pyth aggregation logic combined these prices with nine other publishers resulting in a low aggregate price with a wide confidence interval. This allowed liquidations to occur even though the published price was highly uncertain".

Bitcoin flash-crashed to just $5402 on this one exchange, oops 02 | TweakTown.com
Buy at Amazon

The Bitcoin Standard: The Decentralized Alternative to Central Banking

TodayYesterday7 days ago30 days ago
$13.89$13.89$13.89
* Prices last scanned on 10/20/2021 at 8:55 pm CDT - prices may not be accurate, click links above for the latest price. We may earn an affiliate commission.
NEWS SOURCE:coindesk.com

Anthony joined the TweakTown team in 2010 and has since reviewed 100s of graphics cards. Anthony is a long time PC enthusiast with a passion of hate for games built around consoles. FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with custom-built PCs. His addiction to GPU tech is unwavering.

Newsletter Subscription

Related Tags

Newsletter Subscription
Latest News
View More News
Latest Reviews
View More Reviews
Latest Articles
View More Articles