The crypto market is highly volatile and assets such as Bitcoin, Ethereum, and EOS experience wild price swings. On cryptocurrency margin trading exchanges, these wild price swings are further amplified by traders trading on up to 100x leverage.
Last night on one crypto margin trading platform, some strange behavior occurred that caused flash crashes and flash pumps across a variety of the crypto assets available for trading on the platform.
Flash Crashes and Pumps Galore at BitMax
Overnight, BitMax traders were able to load up on Ethereum at a low of 33 cents. EOS, spiked to over $100, and some lucky crypto investors were able to scoop up Bitcoin at a $1 per BTC on the USDC trading pair. Litecoin was yet another asset impacted.
To avoid a million retweets, I accumulated all pics into 1 tweet.
Looks like @BitMax_Official just became a MAJOR shitshow.$BTC, $ETH, $EOS & $LTC are all exhibiting flash crash/pumps.
Anyone on margin using them, are just absolutely #REKT.
—https://t.co/ToUuOQIuGA < Use this pic.twitter.com/z2fqClINtD
— wolf || 33k-followers-by-december-moku (@ImNotTheWolf) August 23, 2019
While these lucky users felt like they had hit the crypto version of a jackpot,…
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Author: Tony Spilotro