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.

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 |
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* 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.

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.

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