Glitch in cryptocurrency exchanges make currency drop to 0%

exchange glitch sudden drop in currency price

The fluctuations in the rate of cryptocurrency is not a new phenomenon, and it happens due to various reasons.

Recently on the Binance platform the cryptocurrency price has fallen down unexpectedly and it touched the deadline, however, after some time, it returned back to its previous value.

Glitch in cryptocurrency exchanges make currency drop to 0% 1

It was analyzed that the sudden downfall was due to flash memory loss when an unknown person sold 506,000 waves instantly and therefore the value of the coin has been dropped from 0.000508 BTC ($2.64) to 0.0000001 BTC ($0.00052).

Advantage of depreciation of coins:

The depreciation in the coin is the best opportunity for the people to buy the coins. Many people were not aware of this depreciation and therefore they had missed this golden opportunity of getting the maximum benefit from it as it was just for a few seconds.

It was expected that one could get almost 5200% return on investment if the traders placed the orders at that time. Many people posted on twitter about this incident as evident from Emptybeerbottle tweet where he recommended that buying the coins when they are low in price is a good idea.

Past incidents of sudden crash of digital money exchange:

Similar incidents have occurred in the past too. In 2017, the sudden crash of digital money exchange was observed when a person spontaneously sold 35,000 ETH.

The Ethereum coin at that time was trading at a price of $320 has fallen down to $0.10 in seconds due to this selling and made many people millionaire instantly.

Johnson Go

Johnson Go

Blockchain enthusiast, project management specialist, writer and crypto investor. JG deals mostly with problems and solutions of crypto projects and provides market outlook for investments. He contributes his analytical skills to projects.

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