Bitcoin has been plagued by numerous dips that have kept asset prices at a one-month low. Monday was cruel for the cryptocurrency because the market had its low momentum towards the end of the week. This, in turn, has pushed the market into recession. Most notably, the price of Bitcoin actually fell within 42,000.
When the market tackled this, a record flash crash occurred on the trading platform Python Network. The crash was so significant that it saw the price of Bitcoin lose about 90% of its current value. The price crash lasts about two minutes. Bitcoin fell to 540,000 on Monday. The BTC <> USD pair crashed on the Python network. The Solana-based solution dropped the confidence gap for Bitcoin (four times the reported price of the asset) to 21,623.
Related Reading | Just 10 days after El Salvador’s “Bitcoin Day”, President Buchanan confirms that 1.1 million citizens have Chivo wallets
The total price of Python BTCUSD between 12:21 and 12:23 UTC was below $ 40,000 সর্ব the lowest price was $ 5,402 for a slot with a confidence interval of $ 21,623 (4x asset reported value) যাwhich was off-market relative to other BTC prices are available in the market
– Pyth (yPythNetwork) September 20, 2021
The Python Network acknowledged the accident on their Twitter account, where they reassured their users that they were working to find out what caused it. “Engineers are continuing to search for the cause and a full report is being prepared,” it said.
BTC price recovers after falling to low $40K | Source: BTCUSD on TradingView.com
Why has Bitcoin crashed so much?
The cause of the accident is still unclear. So far, there seems to be no other pair affected by the crash. And no other cryptocurrency has been known to suffer the same consequences as Bitcoin. The crash led to massive liquidation on the platform, which was, “unfortunately, on purpose.” Tweeted Bonfida.
Related Reading | While the broder crypto market holds its collective breath, whales are being loaded into bitcoin.
No crash This crash has affected many Python network users. The network apologized to the affected users, saying, “We are extremely sorry for any inconvenience this may have caused to Python customers.” And the team has asked those affected by the flash crash to contact the team via Twitter or Discord. The team is working to find the cause of the accident and will make a report of their investigation.
Featured image from Yahoo Finance, chart from TradingView.com