Should Cryptocurrency Exchanges Have Circuit Breakers In Place To Stop Crashes
Yesterday Ethereum crashed all the way down to 1 cent. This crash happened because someone on GDAX sold a ton of ETH all at one time. This sell immediately filled all the buy orders and then started hitting investors stop orders. Hitting investors stop orders created a chain reaction crashing the price all the way down to 1 cent and alot of people lost alot of money.due to the fact of their stop orders being hit.
This event was not a scam or a malicious attack. It is simply a phenomenon of what can happen on exchanges. In today's stock market they have circuit breakers in place to stop this from happening.
But are circuit breakers really free market?
Should Cryptocurrency Exchanges Have Circuit Breakers In Place To Stop Crashes?
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I don't think there should be. Perhaps traders should get a few more tools to help them avoid this kind of event.
In my opinion that is a slippery slope and I am against it. Bumps in the road happen and will continue to happen as Ethereum grows. Also, these dips can be very beneficial to the market because they help institute market corrections and stabilize the price.
No. That's precisely why cryptos were invented to go against the grain of regulation. Its the wild west, but its not the FED, not the SEC, not Big Govt.
There has been a ton of buzz going around for this sudden down fall.
GDAX CEO stated that this occured due to a billion dollar sell order of Ethereum.
Yes this is the cause of the phenomena. The effect is stop orders being triggered and investors losing big time.
Circuit breaker should be a stop loss ! If that's even possible yet !
sick chain reaction