Ethereum Price Dropped to Last May Values. Briefly Collapsed From $100 to $13 on Coinbase Pro


Formerly second by the capitalization of the cryptocurrency market, Ethereum (ETH), fell to the values of May 2017.

Currently, the coin is trading at $86, and its capitalization is $8.9 billion. The gap between ETH and XRP is increasing, the total market value of which exceeded $12 billion:

Separately, it is worth noting that Bitcoin SV, which is confidently going against the market, was already on the fifth place of the CoinMarketCap rating.

Yesterday, December 6, the price of Ethereum on the Coinbase Pro exchange at a certain point madly fell sharply from $100 to $13. The incident took place at around 6 AM UTC. Soon the price rose back to $97 and is still trading around that price.

This movement is clearly visible on the Coinbase Pro five-minute timeframe:

The Coinbase Pro Tweet says that representatives of the exchange are aware of “price movement in one of their order books,” but all platforms are operating normally and no “system-wide incidents have been noticed.”

As Coinbase indicates in its response, it is possible the unexpected drop in price wasn’t caused by a “flash crash.” It is possible that such a long lower shadow of the candle was formed due to the careless actions of one of the platform’s traders who could make a mistake when placing a rather large order.