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Breaking News: OG Bitcoin Whales Dumping Assets: Chart Reveals Significant Sell-Off Activity
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Breaking News: OG Bitcoin Whales Dumping Assets: Chart Reveals Significant Sell-Off Activity

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

Best Owie
Best Owie
Last Updated: June 11, 2024 1:58 pm
2 mins read
Picture of a slightly slanted gold bitcoin in front of a candlestick chart

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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 Network 🔮 (@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.

Bitcoin price chart from TradingView.com

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
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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