• Latest
  • Trending
  • All
Bitcoin Flash Crash Triggered By Bogus Data?

Bitcoin Flash Crash Triggered By Bogus Data?

April 27, 2023
Connected products at the edge

Connected products at the edge

June 1, 2023
This Man Is Accused Of Running A Secret Crypto Mining Operation In A High School Crawlspace » TwistedSifter

This Man Is Accused Of Running A Secret Crypto Mining Operation In A High School Crawlspace » TwistedSifter

June 1, 2023
BIT Mining Limited: Selling Ethereum And Holding Dogecoin (NYSE:BTCM)

BIT Mining Limited: Selling Ethereum And Holding Dogecoin (NYSE:BTCM)

June 1, 2023
Ethereum Open Interest On Deribit At A 3-Year High

Ethereum Open Interest On Deribit At A 3-Year High

June 1, 2023
Bitcoin logs monthly loss, Ether drops, U.S. equities slide

Bitcoin logs monthly loss, Ether drops, U.S. equities slide

June 1, 2023
Hong Kong Has Ambitions to Build Crypto Hub But Hasn’t Landed Big Commitments

Hong Kong Has Ambitions to Build Crypto Hub But Hasn’t Landed Big Commitments

June 1, 2023
No All-Time High For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts

No All-Time High For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts

June 1, 2023
Blockchain Analytics Firm Nansen Cuts Workforce by 30%

Blockchain Analytics Firm Nansen Cuts Workforce by 30%

June 1, 2023
Fancy Crypto – Cryptocurrency Mining Platform Now Gives Users 7 Different Ways To Start Mining Crypto…

Fancy Crypto – Cryptocurrency Mining Platform Now Gives Users 7 Different Ways To Start Mining Crypto…

May 31, 2023
Binance Coin (BNB) and Dogecoin (DOGE) Charts Show Red; Investors Looking To Buy into Uwerx (WERX) Early

Binance Coin (BNB) and Dogecoin (DOGE) Charts Show Red; Investors Looking To Buy into Uwerx (WERX) Early

May 31, 2023
An update on Devcon 6, and something new…

An update on Devcon 6, and something new…

May 31, 2023
Crypto Trio Shaking The Market: Polkadot, Litecoin, And Caged Beasts Rally For Success

Crypto Trio Shaking The Market: Polkadot, Litecoin, And Caged Beasts Rally For Success

May 31, 2023
Thursday, June 1, 2023
DLT EMPIRE
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Crypto Mining
  • Dogecoin
  • Litecoin
  • Market
No Result
View All Result
DLT EMPIRE
No Result
View All Result
Home Bitcoin

Bitcoin Flash Crash Triggered By Bogus Data?

by Cuevas Antonio
April 27, 2023
in Bitcoin
0
Bitcoin Flash Crash Triggered By Bogus Data?
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter


Bitcoin (BTC) experienced a flash crash yesterday in which the price plummeted from $29,800 to as low as $27,243 in just 60 minutes. The reasons for this violent price movement, which has not been seen on the Bitcoin chart for a long time, has caused speculations about what caused the crash.

The popular Twitter account db (@tier10k) and crypto market intelligence firm Arkham Intelligence are in the crosshairs of the speculation. But what happened?

Bad Data Responsible For Bitcoin Flash Crash?

The crash was allegedly due to a wallet move by the US government and the sell-off of Mt. Gox Bitcoins. The Twitter account db sent out an automated tweet at 4:08 pm EST (8:08 pm UTC) that stated, “[DB] Mt Gox and US Govt Wallets Making Transactions,” which proved to be false.

[DB] Mt Gox and US Govt Wallets Making Transactions: Arkham Alert

— db (@tier10k) April 26, 2023

Arkham Intelligence denies sending out erroneous messagesto certain users. But @tier10k also denied making a mistake: “[DB] Arkham: A Bug Fix Deployed Today Caused Alerts to Be Sent Erroneously to Small Subset of Users,” the account wrote as justification, explaining in a follow-up tweet:

Had to wait to get clarification from Arkham, did not want to point the finger incorrectly. Believe they will make a statement soon. Will use multiple on-chain providers going forward.

For its part, Arkham conducted an investigation DB Alert situation and determined that Arkham alerts “were sent correctly in this case.” The platform claims that DB set two alerts for all Bitcoin transactions worth more than $10,000 and named those alerts “Mt Gox” and “US Gov.”

Thus, Arkham’s account of events suggests that DB inferred the transactions of specific Bitcoin addresses from the designations he himself assigned.

“When we fixed a bug causing us to not send alerts on configs like this, he then correctly received many alerts based on his parameters. No one received inaccurate alerts, they simply began receiving the alerts they had previously set,” Arkham states.

Remarkably, Arkham also clarifies that db’s tweets did not trigger Bitcoin’s flash crash. According to Arkham’s research, the crash began before db’s tweet, “as the drop occurred between 19:17 and 20:01 UTC (15:17 and 16:01 EST), and the alerts and tweet were sent afterwards at 20:07 UTC and 20:08 UTC (16:08 UTC) respectively.”

Cascade Of Liquidations

The bottom line is that the Bitcoin price plummeted by more than 8%, but as the data shows, this happened already prior to db’s tweet. In the process, over $1 billion in open interest (leverage) was wiped out. According to Coinglass data, a total of $80.3 million in longs and $73.4 million in shorts were liquidated in BTC yesterday.

As analyst @52skew further notes, selling volume on the largest exchanges was huge. Binance saw selling volume of 19,400 BTC, Coinbase of 5,000 BTC, Bitstamp of 1,400 BTC and OKX of 6,400 BTC. He shared the chart below to explain what happened.

Bitcoin Aggregate CVDs & Delta
Bitcoin Aggregate CVDs & Delta | Source. Twitter @52skew

At press time, the Bitcoin price has already recovered from the sharp drop. BTC already erased most of the losses and was trading at $29,189.

Bitcoin price
BTC price, 4-hour chart | Source: BTCUSD on TradingView.com

Featured image from iStock, chart from TradingView.com





Source link

Tags: BitcoinBogusCrashDataFlashTriggered
Share196Tweet123Share49
Cuevas Antonio

Cuevas Antonio

  • Trending
  • Comments
  • Latest
Rise of AI-Powered Cheating: Challenges and Solutions for Educators

Rise of AI-Powered Cheating: Challenges and Solutions for Educators

March 20, 2023
Former FTX US President Reportedly Quit After ‘Protracted Disagreement’ With Bankman-Fried

Former FTX US President Reportedly Quit After ‘Protracted Disagreement’ With Bankman-Fried

April 10, 2023
What is Cloud Mining and How Does it Work?

What is Cloud Mining and How Does it Work?

April 10, 2023
Silicon Valley Bank: Bitcoin investors in panic as market goes sideways

Silicon Valley Bank: Bitcoin investors in panic as market goes sideways

0
24 Crypto Terms You Should Know

24 Crypto Terms You Should Know

0
Bitcoin, Ethereum, Dogecoin Rally As Team Biden Cushions SVB Blow

Bitcoin, Ethereum, Dogecoin Rally As Team Biden Cushions SVB Blow

0
Connected products at the edge

Connected products at the edge

June 1, 2023
This Man Is Accused Of Running A Secret Crypto Mining Operation In A High School Crawlspace » TwistedSifter

This Man Is Accused Of Running A Secret Crypto Mining Operation In A High School Crawlspace » TwistedSifter

June 1, 2023
BIT Mining Limited: Selling Ethereum And Holding Dogecoin (NYSE:BTCM)

BIT Mining Limited: Selling Ethereum And Holding Dogecoin (NYSE:BTCM)

June 1, 2023

Recent News

Connected products at the edge

Connected products at the edge

June 1, 2023
This Man Is Accused Of Running A Secret Crypto Mining Operation In A High School Crawlspace » TwistedSifter

This Man Is Accused Of Running A Secret Crypto Mining Operation In A High School Crawlspace » TwistedSifter

June 1, 2023
BIT Mining Limited: Selling Ethereum And Holding Dogecoin (NYSE:BTCM)

BIT Mining Limited: Selling Ethereum And Holding Dogecoin (NYSE:BTCM)

June 1, 2023

Categories

  • Altcoin
  • Altcoin News
  • Altcoins
  • Artificial Intelligence
  • Bitcoin
  • Blockchain
  • Business
  • Crypto Mining
  • Cryptocurrencies
  • Culture
  • Dogecoin
  • Economy
  • Education
  • Ethereum
  • Featured
  • Governance
  • Litecoin
  • Market
  • News
  • Uncategorized

Converter

Cryptocurrency Prices by Coinlib

© 2023 Dlt Empire | All Rights Reserved

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Crypto Mining
  • Dogecoin
  • Litecoin
  • Market

© 2023 Dlt Empire | All Rights Reserved