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04.11 - 19:55
How crypto exchanges could stop flash crashes if they wanted to
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economictimes.indiatimes.comcryptocurrency business has a lot to learn from stocks about preventing crashes. Eye-catching, mistaken plunges are not unusual in crypto.
In June 2017, Ether had a harrowing 45 milliseconds that took its price down to 30 cents — a 99.9% loss. This week, it was Bitcoin’s turn to flash crash: The biggest cryptocurrency dove to $8,200 within a single minute on Thursday from around $65,000 on Binance’s U.S.
exchange after an institutional trader’s algorithm encountered a bug and cratered the price. Stock investors have famously suffered their own scary moments — Black Monday in October 1987 and the infamous flash crash in May 2010.
Because such incidents threaten the credibility of trading, U.S. regulators installed guardrails.
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