News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • RT @macrodesiac_: If you know you know. https://t.co/W2LYqathr5
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: US 500: -1.45% Wall Street: -1.78% FTSE 100: -3.03% France 40: -3.10% Germany 30: -3.46% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Yt3BFBNgjZ
  • ECB's Lagarde says Euro appreciation places downward pressure on prices, adds that the ECB are attentive to the Euro's appreciation $EUR
  • Italy regional vote - Exit poll sees centre left narrowly ahead of right in Tuscany vote
  • ECB's Lagarde says the ECB will open consultation on digital Euro within days
  • US President Trump says in regard to TikTok that China must give up on control or no deal
  • 🇨🇦 New Housing Price Index YoY (AUG) Actual: 2.1% Previous: 1.7% https://www.dailyfx.com/economic-calendar#2020-09-21
  • 🇺🇸 Chicago Fed National Activity Index (AUG) Actual: 0.79 Expected: 1.95 Previous: 1.18 https://www.dailyfx.com/economic-calendar#2020-09-21
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.77%, while traders in NZD/USD are at opposite extremes with 72.74%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/LGODzLXvvD
  • LIVE NOW: Join Technical Strategist @MBForex for his Weekly Strategy Webinar to review the setups we're tracking into the open of the week! https://t.co/chKtG7waxH
Ethereum Plunge Highlights Crypto-Currency Fears

Ethereum Plunge Highlights Crypto-Currency Fears

2017-06-22 08:55:00
Nick Cawley, Strategist
Share:

Talking Points

- The GDAX exchange temporarily suspended Ethereum trading as the price plunged.

- Stop-loss orders hit as Ethereum temporarily traded as low as $0.10.

The volatile nature of crypto-currencies, and their various exchanges, was laid bare on Wednesday when the price of Ethereum (ETH) plunged from over $317 to touch a ‘spike-low’ of just $0.10, on the GDAX exchange.

According to a GDAX blog post, a multi-million USD sell-order saw orders filled between $317.81 down to $224.48 before tripping around 800 stop loss orders and margin funding liquidations “causing ETH to temporarily trade as low as $0.10.”

The GDAX blog highlights that there was no indication of wrongdoing or account takeover and that the exchanges’ matching engine operated as intended throughout the event.

Full GDAX blog.

Market heavyweight Bitcoin (BTC) remained immune to the trading problems at GDAX and traded just 1.25% lower at $2642. BTC has soared in recent weeks, and months, as investors eye a variety of uses for the digital currency and its technology.

Chart: Bitcoin Daily Timeframe (February 25 – June 22, 2017)

Ethereum Plunge Highlights Crypto-Currency Fears

Chart by IG

If you would like to practice trading Bitcoin, you can set-up a demo account here

--- Written by Nick Cawley, Analyst

To contact Nick, email him at nicholas.cawley@ig.com

Don't trade FX but want to learn more? Read the DailyFX Trading Guides

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES