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The Tell: What caused the ethereum flash crash?

It was a rough day for traders of the world’s second-largest cryptocurrency on Wednesday as ethereum plunged from more than $317 to briefly trade as low as 10 cents in a flash cash on the GDAX exchange before rebounding.

In a post, GDAX Vice President Adam White said a “multimillion-dollar market sell” order was placed on GDAX’s ETH-USD [ethereum-U.S. dollar] order book, which resulted in orders being filled from $317.81 to $224.48—for a slippage of 29.4%. That, in turn, began a cascade of around 800 stop-loss orders and margin-funding liquidations, which sent the price temporarily as low as a dime, he explained.

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