The market seems a bit jittery after the first green month in more than a year with it showing on Binance in the Wave/BTC trading pair.
The mid-cap crypto, with a current market cap of $270 million, briefly crashed from about $2.70 to 10 sat, 1 sat being the smallest shown bitcoin unit. Meaning the crypto fell to pretty much zero (pictured above).
Binance hasn’t publicly made any comment on the matter, with it unclear what exactly happened. A fat finger perhaps, combined with thin order books, might have made a nice recipe for whoever was able to catch that 10sat and thus made some nice insta returns.
Not that this is the first time. Ethereans were in glee in 2017 after some fat finger sent the price to 10 cent.
— ﾑʀɖօռ ʟʊӄǟs (@DisruptVegas) November 14, 2018
A day after that flash crash, ethereans stacked up their bids at any price below $50 hoping to strike it rich.
No one expects the fat finger however, so there was no preparation in waves for this flash crash.
Such events tend to occur during times of excitement. There’s a certain feeling in the air this Easter spring as sentiment begins to change.