Bitcoin Flash Crashes on bitFlyer

Bitcoin dropped by more than $1,000 in one minute on Japan’s biggest crypto exchange, bitFlyer.

The crash occurred at precisely 5:16 am UTC when it insta dropped to precisely $12,500 and appears to be a glitch with it remaining there for nine minutes until 5:24 am.

Then it returns back to its starting price of circa $13,700 and moves on as if nothing happened.

Bitcoin’s price reached almost $14,000 here but a small move down was followed by this flash crash and then a more gradual move down.

Bitcoin is now at $13,000, with it falling significantly today as Dow Jones shaves off 3.30% amid lockdown uncertainty.

What exactly happened at bitFlyer is not clear however with bids maybe pulled, perhaps a fat finger, or just a technical glitch.

But, CME bitcoin futures expire this Friday with them Wall Street bankers sometime employing a half long half short ‘strategy.’

The bitcoin/dollar trading pair on bitFlyer is not that liquid however, unlike their BTC/JPY which attracts some $140 million in trading volumes.