Bitstamp Launches Investigation After 5000 Bitcoin’s Sell Order Request, Severally Affecting Crypto Market - Report.

Bitstamp Launches Investigation After 5000 Bitcoin’s Sell Order Request, Severally Affecting Crypto Market - Report.

2019-05-17 | Mike Hallen

Bitstamp Launches Investigation After 5000 Bitcoin’s Sell Order Request, Severally Affecting Crypto Market - Report.

In line with an official 'tweet' published, leading cryptocurrency exchange named ‘Bitstamp’ has launched an investigation after a major quantity of Bitcoin [BTC] sell order heavily 'impacted' its order book.

Bitstamp identified an execution of a large quantity of sell order in Bitcoin [BTC] to USD on its platform earlier today, as the exchange 'announced'.

However, for now the company has not yet specified the details of this transactions, the value of Bitcoin [BTC] had plummeted around 20%from about $7,800 USD to as low as $6,250 USD in just half an hour earlier on the day, in line with data from trading analytics platform named ‘TradingView’. Moreover, after the crash, bitcoin’s price again has surged back, however now stabilized below $7,400 USD.

Bitstamp announced that their platform was operating properly as designed.

[caption id="attachment_7611" align="aligncenter" width="1220"]Bitstamp Launches Investigation After 5000 Bitcoin’s Sell Order Request, Severally Affecting Crypto Market. BTC/USD Trading Chart For 17th May[/caption]

As per crypto news outlet ‘The Block’, the sell order on Bitstamp exchange led to a liquidation of $250 Mln long positions on the BitMEX exchange, that additionally resulted in the price declines on alternative crypto exchanges too.

Crypto publication ‘Forklog’, the sell order on Bitstamp enclosed 5,000 bitcoins sold at a price order $6,200 USD. Some individuals within the crypto community 'prompted' that the sell order could be by mistake, with the order’s owner having been meant to sell his bitcoin at $8,200 USD rather than $6,200 USD.

A the time of reporting, the leading cryptocurrency Bitcoin [BTC] is down around 10% over the past twenty four hours to trade at $7,166 USD after trading at around $7,800 USD just yesterday, whereas 19 out of the top 20 cryptos by market capitalization are observing major losses, in line with data provided from 'CoinMarketCap'.

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