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Did Bitcoin Really Experience A Flash Crash Down To $5,400?

Bitcoin has been plagued by numerous dips that have left the price of the asset at one-month lows. Monday was brutal for the cryptocurrency as the close of the weekend drew in with its low momentum in the market. This, in turn, led to the market experiencing a downtrend. Most notable was the price of bitcoin actually dropping into the $42,000 price range. While the market dealt with this, a record flash crash happened on the trading platform Pyth Network. The crash was so significant that it saw the price of bitcoin lose almost 90% of its current value. The price crash lasted for approximately two minutes. Driving the price of bitcoin down to as low as $5,400 on Monday. The crash happened between the BTC < > USD pair on the Pyth Network. The Solana-based solution also saw the confidence interval (four times the asset reported price) for bitcoin drop to $21,623. Related Reading | Just 10 Days After El Salvador’s “Bitcoin Day”, President Bukele Confirms 1.1 Million Citizens Have Chivo Wallet Between 12:21 and 12:23 UTC the Pyth BTCUSD aggregate price was below $40,000 – the lowest price reported was $5,402 with a confidence interval of $21,623 (4x the asset reported price) for a single slot – which was off-market relative to the BTC price available on other markets — Pyth (@PythNetwork) September 20, 2021 Pyth Network acknowledged the crash on their Twitter account, where they assured their users that they were working to figure out what caused this. “Engineers are continuing to investigate the cause and a full report is in the works,” it said. BTC price recovers after falling to low $40K | Source: BTCUSD on TradingView.com Why Did Bitcoin Crash So Much? It is still not clear what the reason behind the crash was. So far, there seem to be no other pairs affected by the crash. And no other cryptocurrencies have been reported to have suffered the same fate as bitcoin. The crash led to massive liquidations on the platform, which were, “unfortunately working as intended,” tweeted Bonfida. Related Reading | While Broader Crypto Market Holds Its Collective Breath, Whales Are Loading Up On Bitcoin The crash no doubt affected a number of Pyth Network users. The network has apologized to affected users, saying, “We’re very sorry for any hurt incurred for Pyth customers.” And the team has asked those affected by the flash crash to reach out to the team either through Twitter or Discord. The team continues to work on figuring out the cause of the crash and will produce a report of their investigations. Featured image from Yahoo Finance, chart from TradingView.com

Avalanche Defi Platform Vee Finance Attacked — $35 Million in ETH, BTC Siphoned

On September 21, 2021, an Avalanche-based decentralized finance (defi) platform Vee Finance announced that it suffered from an incident that siphoned 8,804 ether and 213 bitcoin out of the system. The team has suspended the defi platform contracts and stressed that the stablecoins have not been “affected by the attack.” Defi Project Vee Finance Suffers […

From Prime To Primepool, HT Holders Are Igniting The Market’s Wealth Effect

The post From Prime To Primepool, HT Holders Are Igniting The Market’s Wealth Effect appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
Since the launch of Huobi Token (HT) in 2018, platform tokens have become a popular investment target. The rise of emerging platforms has further driven the development of platform tokens that feature “brokerage stocks”. After the DeFi boom in 2020, the governance tokens represented by UNI have exploded, changing the direction of platform tokens. Since …

Coinbase Abandons Plan to Launch Lend Program After SEC Threatens Lawsuit

The Nasdaq-listed cryptocurrency exchange Coinbase has dropped its plan to launch a lending program after the U.S. Securities and Exchange Commission (SEC) threatened to sue the company. Coinbase Will Not Launch Lending Program Coinbase announced Friday that it has decided not to launch the Lend program. The exchange wrote: Our goal is to create great […

What Are Bitcoin Forks and How many Forks Does Bitcoin Have

The post What Are Bitcoin Forks and How many Forks Does Bitcoin Have appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
Bitcoin is the first cryptocurrency created in 2009 by the anonymous Satoshi Nakamoto. Today, many trading platforms allow people to buy or sell bitcoins. Bitcoins may be sent between people via mobile applications or desktops. It’s akin to sending money through the internet. Shortly after its inception, many forks were developed as new versions of …

Cardano, Solana and Ripple Price Quickly Regained a Momentum! Know the Upcoming Future Trend

The post Cardano, Solana and Ripple Price Quickly Regained a Momentum! Know the Upcoming Future Trend appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
The crypto market experienced huge sell-offs on fears that the breakdown of China-based real-estate giant Evergrande. The collapse of the company could not only impacted China but also hit hard on other markets too. No doubt the current market is pretty bearish, yet assets like Cardano (ADA), Solana (SOL) and Ripple (XRP) trying very hard …

Poland Confirms Arrest of Former Wex Exchange Executive in Warsaw

Reports of the detention of Dmitry Vasiliev, ex-head of the bankrupt cryptocurrency exchange Wex, have been confirmed by authorities in Poland. The former executive of the platform, allegedly involved in the theft of funds worth millions of dollars, faces possible extradition to Kazakhstan. Prosecutor’s Office Confirms Vasiliev Is in Custody in Poland Dmitry Vasiliev, who […

How Will Cryptocurrency Help The Private Sector

The post How Will Cryptocurrency Help The Private Sector appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
When the first few cryptocurrencies were released, people looked at this idea as another way for underground dealers to manage their transactions and finances. Because Bitcoin was the most successful of the earlier cryptocurrencies, people tend to associate the whole of cryptocurrency with it. In the early parts of 2010, the perception of Bitcoin was …

All About Quannabu, the Cryptocurrency Built for the Cannabis Industry

In 2019, merchant processor Fortress Payment Technologies announced that it would no longer be able to accept Visa payments for cannabidiol (CBD) related products. The announcement only gave merchants eight hours’ notice of the change, this is just one example of the many financial hurdles that the cannabis industry has faced when trying to process transactions for cannabis-related products. Unfortunately, because legislation and regulations in the cannabis industry are still evolving, the industry is consistently dealing with these obstacles. To avoid any possible risks, even in areas where cannabis is now legal, most banks, credit card companies, and payment providers will avoid working directly with cannabis transactions. Due to difficulties faced with transactions, many businesses are inclined to use cash as their standard payment method. However, storing cash presents a whole host of problems for businesses. Not only are businesses’ security compromised with the increased possibility of theft, but also their employee’s safety when transporting cash. To provide a solution to the problem the cannabis industry has been facing, London-based startup Quannabu has launched a decentralized payment network for cannabis-related transactions on the blockchain. Quannabu also has a payment platform called Quannabu Pay, which is built on the blockchain and allows businesses and consumers to seamlessly transfer funds without any financial hurdles. The company’s financial solution for the cannabis industry will not only have its own form of cryptocurrency, but also a secure infrastructure in place. Since legislation is still a work in progress for many countries, regulations are constantly changing and have created a complex and sometimes disjointed supply chain. This means that authorities have a harder time tracking the supply of cannabis. Thanks to Quannabu’s blockchain technology, the company has created a product that minimizes illegal activity by allowing law enforcement to track the source and supply of all cannabis products. This means that governments can track the movement of cannabis and stop any illicit circulation in its tracks, creating more space for a safer and regulated marketplace. The transparency into the supply chain that Quannabu provides will not only increase supply chain visibility to law enforcement, but also consumers, manufacturers, and suppliers. Through this solution, the company is increasing trust and creating a safer industry as a whole. In addition to the company’s supply chain solution, token offering, and secure payment platform, it also operates Quannabu Labs, a groundbreaking testing laboratory that is dedicated to CBD-related activities on and off the blockchain—the only operation of its kind in the world. Lastly, the company is also working towards establishing its very own hemp farm, to farm pharmaceutical-grade hemp. The facility will have certified testing equipment so it can consistently and accurately test its plants.

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