Ethereum Sinks Instantly To $ 13 On Coinbase Pro But Rebounds Quickly The third largest cryptocurrency, Ethereum, which has recently traded near the $ 100 level, experienced an instant crash on Coinbase Pro this morning, paired with USD Coin.

Ethereum experienced an instant crash to $ 13 on Coinbase Pro, but recovered quickly

Ethereum, the third largest cryptocurrency, recently traded near the $ 100 level, this morning experienced an instant collapse on the Coinbase Pro exchange, paired with USD Coin.

Around 08:00 am Moscow time, the rate began to deviate from the straight line and dropped below $ 100. At 08:06, a sharp jump in trading volume followed, which in turn caused a rapid depreciation of the cryptocurrency up to $ 13.05 ... A few minutes later, ETH was already trading around $ 100 again.

This is likely due to the low liquidity of the ETH / USDC market on Coinbase Pro. Its volumes over the past 24 hours are about $ 465,000, while the ETH / USD pair of the same exchange accounts for $ 23.5 million.

Curiously, this is not the first such incident on Coinbase Pro (at that time GDAX), and it happens with Ethereum. Last June, a multi-million dollar bid to sell ETH paired with USD triggered many stop loss orders and an almost instant drop in the cryptocurrency rate from $ 317.81 to $ 0.10.

Last time, Coinbase volunteered to cover the losses of investors. The company has not yet commented on the current situation. In other trading pairs and on other exchanges, such dynamics was not noticed..

 

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