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Between 12:21 and 12:23 UTC the Pyth BTCUSD aggregate price was below $40,000 – the lowest price reported was $5,402 with a confidence interval of $21,623 (4x the asset reported price) for a single slot – which was off-market relative to the BTC price available on other markets — Pyth Network 🔮 (@PythNetwork)Pyth Network acknowledged the crash on their Twitter account, where they assured their users that they were working to figure out what caused this. “Engineers are continuing to investigate the cause and a full report is in the works,” it said.
BTC price recovers after falling to low $40K | Source:
Why Did Bitcoin Crash So Much?
It is still not clear what the reason behind the crash was. So far, there seem to be no other pairs affected by the crash. And no other cryptocurrencies have been reported to have suffered the same fate as bitcoin. The crash led to massive liquidations on the platform, which were, “unfortunately working as intended,” Bonfida.Related Reading | While Broader Crypto Market Holds Its Collective Breath, Whales Are Loading Up On Bitcoin
The crash no doubt affected a number of Pyth Network users. The network has apologized to affected users, saying, “We’re very sorry for any hurt incurred for Pyth customers.” And the team has asked those affected by the flash crash to reach out to the team either through Twitter or Discord. The team continues to work on figuring out the cause of the crash and will produce a report of their investigations.Featured image from Yahoo Finance, chart from TradingView.com