Ethereum Traders Prepare for the Next Flash Crash with Bids for Millions of Eth
June 22, 2018 11:05 am 0
Following yesterday’s spectacular flash crash which sent eth’s price down to Ten cent, ethereum traders have mobilized with bids for almost Three million eth at under $50, hoping to catch the next hefty market sell.
Bids for almost Trio million eth at under $50.
They’re likely dreaming of instantly turning $350 into one million, spil one eth trader did yesterday during the flash crash, scooping thousands of eth at just Ten cent each.
Ten cent for one eth
Thesis flash crash events, however, have “only” happened merienda a month, embarking ter April when a GDAX glitch sent price to 6 cents, ter May when a large sell order at Kritiseren sent it to $20, and yesterday when a large sell order sent it to Ten cent.
But such things are unpredictable, so eth traders are preparing just te case, hoping to strike fortunate and get instantly rich thanks to either some fat finger or perhaps some inebriated trader who thinks it’s a excellent idea to sell millions at market order.
A market order which then causes a cascade of zekering losses and margin calls, sending price further and further down, assisted somewhat by panicked traders too, so providing us a spectacle.
Some lose their shirts ter the process, with their funds being instantly obliterated spil the order book is quickly vacuumed, while some others strike it rich, spil the eth trader did yesterday.
However, flash crash events are somewhat infrequent, so locking up all that fiat te unlikely to be packed bids does not come without cost. There’s lost chance, and it’s being held by a third party, so there is counter-party risk too.
Eventually, therefore, the bids down there may lean considerably spil everyone forgets and moves on, but right now eth traders are sitting at their desks, tapping their fingers, while pleading for another flash crash so that they can buy all the cheap eth.