What. Bitcoin price dropped to 24€/BTC

BitHodler

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Quote from: Ucy on July 04, 2019, 01:29:42 PM

This was due to the cloudfare outage few days ago, i guess . I wish we could get a good explanation of what really changed the price?

Coindesk uses various exchange to fetch pricing data from, so if one of these exchanges is down for whatever reason, their own index might not function correctly anymore and show invalid pricing data.

Quote from: Ucy on July 04, 2019, 01:29:42 PM

Could a more serious Internet outage cause an actual collapse in price of bitcoin.

I doubt it. Flash crashes are called that for a reason-- bots buy up the market as fast as it went down. It's a dream for people to buy Bitcoin at double digit rates, but more than a dream it will not be.

Also, there are so many exchanges around the world that it's near impossible to see every single one of them mess up somehow and go doww. That's the beauty of how distributed the ecosystem around Bitcoin is.

STT

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The graph can in theory show 1 dollar a bitcoin but the important factor would be the volume for that price, if it was just 1 order and for some reason there was little other deals at that time then its what we call an insignificant price.

It happens anyway, some gaps exist between the trading spheres of the world as it turns and various nations come into their main trading days. It'll never go to 1 like that but we all know Bitcoin jumps around alot and its partly due to this effect of volatile volume.

Where low volume exists the price is less accurate, the speed at which BTC can pass through a new pricing level is far faster. Old price like 6000 will be like a road covered with speed bumps, many thousands of orders waiting to captue the price and engage a deal so results higher volume. At 13k I dont think there is much volume, however that also means less buyers I guess. 10,000 will have lots by now

Ucy

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This was due to the cloudfare outage few days ago, i guess . I wish we could get a good explanation of what really changed the price?
Could a more serious Internet outage cause an actual collapse in price of bitcoin.
Yesterday was quite strange my friend.

grecko45

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Quote from: aplistir on July 02, 2019, 10:12:17 AM

What happened:

I am usually following bitcoin price from here:
https://www.coindesk.com/price/bitcoin

And now it shows the price to be 24€

Did Satoshi sell his coins or did someone break bitcoin crypto?

Grin

I guess I want to buy more with that price Huh

\Most likely just a small glitch of system. Fortunately, everything has come back;D Usually, Coindesk has no such problems.

phamminhtan

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I think it's a mistake, not really BTC drops to 24 €, but still shocked to see these things. And if I can buy it at that price, it's great.

bright4mech

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Every business, mostly on trading platform market has a history to tell, because is transparent from begging how it starting point, which always keep fluctuating up and down in trading base on Number of supply and demand, therefore, in the future of bitcoin is going to be more greater than the current prince.

Kakmakr

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Before you start a thread like this, use other resources first to check if the site you are using are not faulty. I use Preev.com as a secondary price checker for all Bitcoin prices. I also use my local exchange to check the price, if Preev.com is not working.

In any way, it would have been global news if a commodity/currency lost almost 95% of it value in a day. You would see chaos on Reddit and people cutting their wrists in public. Tongue

Just cross check next time, before you create a thread for this. Wink

Ayiranorea

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Quote from: BrewMaster on July 02, 2019, 12:43:09 PM

it is possible that they do it intentionally to wake some people up and cause FOMO Cheesy

every now and then (possibly somewhere around 6 months mark) these price reporting websites hit a bug or something like that and go crazy like this.
at least this time it seemed like it wasn't their fault as cloudflare screwed the entire internet!

That's a big change in the price, people easily will fall into FOMO and might open trades. Every website was getting the error page due to cloudare, but how the visual change happens through the cloudflare. Anyhow if someone has succeeded in making a buy at this point seems extremely luckiest.

pixie85

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Seeing it makes me regret I had no orders set at some low values. Maybe I'd get some cheap coins.

If you see something like this go to some real price ticker like bitcoinwisdom.io or cryptowat.ch. I don't use sites lice coindesk to check on BTC. They are more like an index for people who are reading especially on mobile devices where you don't have many tabs open at once.

LTU_btc

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The end is near. Damn, I'm trying to imagine how many BTC I would buy if it would cost just $24. Missed such chance... But seriously, it's possible to get heart attack when seeing such numbers. But if I'm not mistaken such bug happened not for the first time when Cloudflare went down.

jackg

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https://bit.ly/387FXHi lightning theory

Quote from: serjent05 on July 02, 2019, 03:33:13 PM

Quote from: Indamuck on July 02, 2019, 11:30:42 AM

Ethereum once flash crashed from $300 down to 10 cents on one exchange. A flash crash like that could happen for bitcoin but it would be an isolated event on only one exchagne depending on what kind of previous orders were set.

Waves also have a flash crash in an exchange. It goes down to 10 satoshi when a bot malfunctioned selling hundreds of thousand of waves. I think Bitcoin also had a flash crash on kraken exchange losing 99% of its value. .

There are a lot of people with really weird listings in order to take advantage of these flash crashes. On larger exchanges they're often not a problem and just force the price to go down a bit but on the smaller ones, they can really cause some havok - especially with bots).

I doubt there were many bitcoins avaliable for that price though..

serjent05

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This 24€ glitch probably have trigged a panic to those who had witnessed it. I bet, they immediately checked their the buy orders and transaction on an exchange they are using. I wonder if that really happens. What would be the next event on this cryptosphere. Probably lots of investors who put their 100% savings on Bitcoin will have a depression and possibly commit a suicide because of their life savings had lost.

Quote from: Indamuck on July 02, 2019, 11:30:42 AM

Ethereum once flash crashed from $300 down to 10 cents on one exchange. A flash crash like that could happen for bitcoin but it would be an isolated event on only one exchagne depending on what kind of previous orders were set.

Waves also have a flash crash in an exchange. It goes down to 10 satoshi when a bot malfunctioned selling hundreds of thousand of waves. I think Bitcoin also had a flash crash on kraken exchange losing 99% of its value. .

BrewMaster

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There is trouble abrewing

it is possible that they do it intentionally to wake some people up and cause FOMO Cheesy

every now and then (possibly somewhere around 6 months mark) these price reporting websites hit a bug or something like that and go crazy like this.
at least this time it seemed like it wasn't their fault as cloudflare screwed the entire internet!

dothebeats

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Probably just a visual glitch on their system. If it wasn't then for the person who sold his coins for 24€ must be bummed about it, really. There are some cases in which such events happen on exchanges, though usually they are just from the same person trying to move funds from one account to another. It has happened on Coinbase not even once, but twice if I remember.

Quote from: Linkkoin on July 02, 2019, 10:30:09 AM

There was a temporary error with cloudflare itself

That speaks for what happened there, I guess. That's why I cannot access this gambling site earlier Huh

Indamuck

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Ethereum once flash crashed from $300 down to 10 cents on one exchange. A flash crash like that could happen for bitcoin but it would be an isolated event on only one exchagne depending on what kind of previous orders were set.

mk4

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Paldo.io 🤖

Quote from: Linkkoin on July 02, 2019, 10:30:09 AM

There was a temporary error with cloudflare itself

This is what I was guessing too. CloudFlare went down for like 30 minutes or so? Shutting down Discord and a lot of websites. Probably also affected wherever CoinDesk is getting it's prices.

Leonardo7

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I suppose that must have some sort of glitches, otherwise, we would have seen many wailing graphs and graphical cartoons, and this would have made me sell off my mother's land to buy bitcoin but this can never happen again. Lols.

Daniel91

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Quote from: aplistir on July 02, 2019, 10:12:17 AM

What happened:

I am usually following bitcoin price from here:
https://www.coindesk.com/price/bitcoin

And now it shows the price to be 24€

Did Satoshi sell his coins or did someone break bitcoin crypto?

Grin

I guess I want to buy more with that price Huh

LOL
almost hearth attack

But, something like this is not possible any way since btc price is determined based on supply and demand in the market.
So, yes, price can drop, even 20-30 % per day or more, but not to zero, no way!

Linkkoin

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There was a temporary error with cloudflare itself

aplistir

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Quote from: djhomeschool on July 02, 2019, 10:13:29 AM

Saw it to... back to normal now lol

Yep. I was a little shocked for a second there.

It is still visible if you look bitcoin value from the last hour (or 6 hours)

Was too slow. didn't get to buy any coins with that price Grin

Topic: What. Bitcoin price dropped to 24€/BTC (Read 365 times)