Bot Goes ‘Wild’ on Bitstamp Causing Massive Price Swings

Bot Goes ‘Wild’ on Bitstamp Causing Massive Price Swings

The oldest Active Exchange Bitstamp of the Cryptocurrency Industry has recently seen a bot “Going Wild”, thereby bringing large prices on LTC/EUR pair on many business pairs and flash crashing litecoin (LTC).

According to Nejc Kodrič, the liberal entrepreneurs who co-founded the Cryptocurrency Exchange and currently serve as CEO, the “wild” bot which is one of the Exchange’s clients.

According to different cryptocurrency enthusiasts on social media, Bitstamp saw very unusual action on October 7. The data shows that on the BTC / Euro pair the exchange sold BTC worth € 6 million ($ 6.9 million) worth of approximately 15 minutes, the price of flagship cryptocurrency sent to around € 5,000 ($ 5,760) .

After this, it tried to make things right, and bought € 6 million worth of BTC worth in about 5 minutes, helping CryptoCurrency skyrocket help € 6,600 ($ 7,620). A new sale sent BTC approximately € 5,700 ($ 6,570) – its current price

Other cryptocurrencies were also affected. Ethereum sent the price of € 235 ($ 270) to buy the order, and it was reduced € 123 ($ 141) before trying to send it back after order. After a brief conflict, the cost of the ETH back to € 195 ($ 224) normal.

At about the same time, the bot surpassed the XRP by € 0.65 ($ 0.75), before it returned to its current € 0.40 ($ 0.4). Specifically, litecoin appears that the bots do not see orders to buy the issue, but only dump it.

Cryptocurrency reduced € 1.12 ($ 1.29) before its instant € 50 ($ 57) price tag immediately arrived. While the whole ordeal was over in about five minutes, it was enough to see social media users consider various possibilities, ranging from whales cashing out to market manipulation.

The trading volume of Bitstamp is decreasing in the last few months with the Kraken and Coinbase. According to a report published by the crypto research firm Dior, this could be because these exchanges have not listed the controversial property USDT.

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