Massive Bitcoin (BTC) and Crypto Crash Under Investigation – Plus Ripple and XRP, Litecoin, Ethereum, EOS, Tron, IOTA
From an investigation into the cause of Bitcoin’s big reversal to the competition between Ethereum, EOS and Tron, here’s a look at some of the stories breaking in the world of crypto.
The Luxembourg-based crypto exchange Bitstamp says it’s launching an investigation into a massive Bitcoin sell order that triggered Friday’s crypto crash.
“A large sell order was executed on our BTC/USD pair today, strongly impacting the order book. Our system behaved as designed, processing and fulfilling the client’s order as it was received.
We closely examine every event that causes large-scale movement in our order book and have started an immediate case investigation.”
The sell order sent the price of BTC on Bitstamp into a sudden spiral, dropping from $7,800 to as low as $6,250 in about 15 minutes. The drop then triggered the liquidation of a large number of long positions on BitMEX, which calculates its Bitcoin index based on the average price between Bitstamp and Coinbase Pro. As the liquidations from BitMEX were executed, the price of BTC plummeted across all crypto exchanges.
Bitstamp has not confirmed the exact size of the trade, but founding partner of venture capital and private equity firm Primitive Ventures, Dovey Wan, estimates the big sell order at 5,000 BTC.
This is what happened
1. A jackass put up an aggregated sell of 5000 $BTC on stamp
2. Stamp poor depth + algo glitch?
3. Bmx index is 50% on stamp
4. Massive Bmx liq tanked the mkt
5. Despite all ☝🏻BTC quickly bounced back to $7000
This might be the best chance to BTFMD
— Dovey Wan 🗝 🦖 (@DoveyWan) May 17, 2019
Ethereum, EOS, Tron
EOS continues to maintain a higher number of active users than both Ethereum and Tron. According to DappReview, $18.7 million worth of EOS flowed through DApps on the network, with 130,000 active users.
130K users spent more than $18.7 million(3 million EOS) on #EOSDApps in last 24H
— DappReview (@dapp_review) May 17, 2019
Meanwhile, 91,300 users spent $15.2 million worth of TRX on Tron-based DApps, while 14,600 users spent $8 million ETH on Ethereum-based DApps.
Ripple and XRP
Ripple’s hiring spree continues. The company is now hiring a new VP of business development.
— Jim Chauncey-Kelly (@JChaunceyKelly) May 17, 2019
Right now, the San Francisco-based startup has a total of 51 open positions.
A new episode of The Lite Podcast is out. The latest edition looks at a new Lightning Network client that is tailor made for Internet of Things devices.
The team at IOTA sat down for a Q&A at the 2nd IOTA Italia Community Meetup at IoThings Milan.
The session features a look at distributed ledger security and how IOTA could create a new ecosystem for machine-to-machine transactions.