Ethereum News Today – October 2

Ethereum
  • Ethereum (ETH) Plunged By 20 Percent on Poloniex
  • Ethereum (ETH) Experienced a More Serious Flash-Crash on CryptoPotato in December

Ethereum News Today – Ethereum (ETH) was one of the best performers during the last altcoin recovery period. However, things seem to be heading south quickly. The second-largest digital currency by market cap recently went through a sudden flash crash on Poloniex – a popular digital currency trading platform. The price of Ethereum (ETH) plunged by about 20 percent in an instant. Traders that have placed orders before the flash crash quickly benefited from the quick recovery.

Ethereum (ETH) Plunged By 20 Percent on Poloniex

Flash crashes are not new, they usually happen on digital currency trading platforms now and then. The largest altcoin in the market recently experienced its own. The digital currency went through a sudden price plunge that saw its price reduced by about 20 percent against Bitcoin (BTC). This event, which is a fortunate one for some traders, happened on Poloniex.

Before the sudden drop in ETH to BTC price, ETH was trading at 0.0211 BTC. After the heavy drop, the price of ETH against Bitcoin (BTC) dropped to about 0.0170 BTC. However, the price of the digital currency surged as quickly as it plunged, but those that had placed orders in between realized quick and easy gains.

Ethereum (ETH) Experienced a More Serious Flash-Crash on CryptoPotato in December

No one knows the reason for the crash yet. Nevertheless, this is not the first time Ethereum (ETH) is experiencing such an event. In December last year, CryptoPotato also reported the same event. The crash took place on Coinbase Pro, formerly known as GDAX. The flash-crash on the platform was even more serious, as the price of Ethereum plunged from $100 to $13.

There have always been speculations regarding the reasons for abnormal price behavior of such kinds. Some believe that it might be due to a sudden cash-out of an ICO fund or a whale placing sell orders by mistake.

Ethereum (ETH) Price Today – ETH / USD

#NamePrice24H %
2
ethereum
Ethereum(ETH)
$179.60
-3.77%

Flash crashes are sudden violent downtrends in the price of a digital currency, and it usually ends up with a quick recovery. This is exactly what happened to Ethereum (ETH) yesterday. It happens to other digital currencies also on other trading platforms. However, these things happens once in a while and the fundamental reasons for the crash remains unknown.

The price of Ethereum has recovered and returned to normal on the trading platform. At the press time, ETH to USD price is $175 after a decrease of about four percent over the past twenty-four hours. The current market cap of the digital currency is $18.97 billion. The trading volume of ETH over the past day is $7.17 billion.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.