The Ethereum “flash crash” on June 21 had some pretty angry victims who had their limit sell orders executed during the volatile trading on that day when Ethereum cryptocurrency briefly flash crashed to US .10 before rebounding…
They will “be made whole” according to a blog post by GDAX, the exchange where they lost the money.
Initially, GDAX claimed there would be no reimbursements, but a few days later they did an about-face and decided to help these flash crash victims regain their lost Ether.
You can say that trading is a risky business, but what happened to these people was really bad in that no one expects an asset to crash that low that quickly and have these limit sell orders executed in the blink of an eye and lose all of that money.
It really was something flaky with the exchange and I am glad that GDAX is doing this, if for nothing else than the overall confidence in the trading system that people need to see in order to feel comfortable using these systems in their cryptocurrency trading.
No one knows what actually caused the flash crash, but there was reportedly a hoax that the creator of Ethereum had died. He made it known recently that he is very much alive and made it known in a humorous way by posting a selfie along with a recent blockchain transaction to show the date.
Let this market correct all that it wants because eventually, it will rise again.
So many people have yet to try to get into this cryptocurrency market to invest, that it will continue the rise after the necessary corrections are made.
This is still the best chance to make money since the dot com boom.
There will be booms and bubbles, and it’s YOUR job to time it correctly for your investments.
If you need to learn how to get into the market and where are good places to hop onto this track, then you’re covered within this blog.
The cryptocurrency markets are still in massive correction mode, and this is a great buying opportunity for anyone with assets on the sidelines waiting to come in. Don’t try to time the bottom too closely or you may get burned on the way up.