Ethereum Descents Under $500 On Futures Exchange: Report

Ethereum descents under $500 on top futures exchanges as the market slowed down finally as we can see in today’s Ethereum price news today.

The crypto market developed quite a bit since 2017 with the introduction of complex regulation, derivatives products, and liquidity through prominent market makers such as Alameda and Jump Trading. The market is not perfect, the price of Ethereum descents under $500 on some of the most popular exchanges while the coin traded at $600 in the rest of the market. After peaking around $620, Ethereum started to crash on Tuesday evening.

Altcoins were then quite heavy as Bitcoin stole the show and moved closer to $20,000 for the first time since the previous all-time high in 2017. ETH dropped from the $620 highs to $590 but there was no sign of a strong incoming dump as traders were quick to drawback as a sign of the preparation for the worst things to come.  Trader “Hsaka” noted that in a few minutes, one entity sold about $30 million worth of Ethereum via ByBit. The issue is that the user used a “market order” to sell this amount which means that his sales matched bids on the books at any price.

The market was not able to handle this much of the selling pressure which resulted in a drop to $485 from $600. It’s unclear however who sold the coins and why were they sold so fast. Also, there are some that benefited from this move with Hsaka noting that one trader got filled for $1.5 million of ETH at $518 so the users waited for the market to bounce back and increased by 14 immediately. The chief executive of ByBit tried to rectify the users that were affected by the incident and he wrote:

 “Bybit had two major wicks on ETH, if any clients stop loss, conditional or limit order was triggered and executed on the off market price, please contact our support and we will examine and reimburse. (Please be patient on our live support as they are quite overloaded now)”

This is not the first time that it happened in the crypto space as some pairs on Kraken and coinbase hit $0.01 or $1 because of the market manipulation of large sales. While it seems that the drop happened as a result of someone that is looking to secure their ETH profits and many are confident that the coin will move higher. For one, EHT 2.0 was confirmed to be taking place and 524,000 ETH was sent to the validator contract.
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