{"id":394096,"date":"2019-08-23T18:00:06","date_gmt":"2019-08-23T18:00:06","guid":{"rendered":"https:\/\/wncen.com\/?p=394096"},"modified":"2019-08-23T17:18:08","modified_gmt":"2019-08-23T17:18:08","slug":"33-cent-ethereum-and-100-eos-whats-going-on-at-one-crypto-exchange","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/33-cent-ethereum-and-100-eos-whats-going-on-at-one-crypto-exchange\/","title":{"rendered":"33 Cent Ethereum and $100 EOS, What\u2019s Going On At One Crypto Exchange?"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">The crypto market is highly volatile and assets such as <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a>, <a href=\"\/tag\/ethereum\" rel=\"nofollow\">Ethereum<\/a>, and <a href=\"\/tag\/eos\" rel=\"nofollow\">EOS<\/a> experience wild price swings. On cryptocurrency margin trading exchanges, these wild price swings are further amplified by traders trading on up to 100x leverage.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Last night on one crypto margin trading platform, some strange behavior occurred that caused flash crashes and flash pumps across a variety of the crypto assets available for trading on the platform.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Flash Crashes and Pumps Galore at BitMax <\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">Overnight, BitMax traders were able to load up on Ethereum at a low of 33 cents. EOS, spiked to over $100, and some lucky crypto investors were able to scoop up Bitcoin at a $1 per BTC on the USDC trading pair. Litecoin was yet another asset impacted.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">To avoid a million retweets, I accumulated all pics into 1 tweet.<br \/>Looks like @BitMax_Official just became a MAJOR shitshow.<a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a>, <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$ETH<\/a>, <a href=\"https:\/\/twitter.com\/search?q=%24EOS&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$EOS<\/a> &amp; <a href=\"https:\/\/twitter.com\/search?q=%24LTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$LTC<\/a> are all exhibiting flash crash\/pumps.<br \/>Anyone on margin using them, are just absolutely <a href=\"https:\/\/twitter.com\/hashtag\/REKT?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#REKT<\/a>.<br \/>&#8212;<a href=\"https:\/\/t.co\/ToUuOQIuGA\" rel=\"nofollow\">https:\/\/t.co\/ToUuOQIuGA<\/a> &lt; Use this <a href=\"https:\/\/t.co\/z2fqClINtD\" rel=\"nofollow\">pic.twitter.com\/z2fqClINtD<\/a><\/p>\n<p>&mdash; ImNotTheWolf (@ImNotTheWolf) <a href=\"https:\/\/twitter.com\/ImNotTheWolf\/status\/52369666?ref_src=twsrc%5Etfw\" rel=\"nofollow\">August 23, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">While these lucky users felt like they had hit the crypto version of a jackpot, traders on the other side of the trade had sold a $10,000 asset at just a buck. Many members of the greater community that learned of the news were quick to point out that any traders using margin were completely \u201crekt\u201d as a result.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Some believe that the situation is a very real risk when trading using leverage, and those affected got what they deserved. But clearly this isn\u2019t the norm for any cryptocurrency exchange or platform, nor are traders deserving of losses at no fault of their own.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Leverage, as defined by <a href=\"https:\/\/www.investopedia.com\/terms\/l\/leverage.asp\" rel=\"nofollow\">Investopedia<\/a>, as using \u201cborrowed money\u201d to \u201cincrease the potential return of an investment.\u201d Margin trading platforms are very attractive to crypto traders. Using leverage crypto traders can amplify their profits \u2013 but also losses &#8211; by up to 100 times. Combining this with the 20% or more price swings that crypto-assets like <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a>, <a href=\"\/tag\/ethereum\" rel=\"nofollow\">Ethereum<\/a>, and <a href=\"\/tag\/eos\" rel=\"nofollow\">EOS<\/a> often exhibit, can both be a recipe for disaster and incredible wealth. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Risk management is critical to success, but when platforms flash crash or platform instability, there\u2019s sometimes little traders can do to avoid getting \u201crekt.\u201d<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Cloudflare and Amazon Web Services to Blame for Widespread Crypto Issues<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">It wasn\u2019t just BitMax that experienced issues last night, although no other platforms suffered the same flash crash and mega pump behavior.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Binance CEO Changpeng Zhao tweeted about the issues his firm was experiencing due to AWS suffering outages.<\/span><\/p>\n<p>https:\/\/twitter.com\/cz_binance\/status\/40535559<\/p>\n<p class=\"p1\"><span class=\"s1\">The issue stems from an outage in Amazon Web Services cloud solutions. Amazon regularly provides cloud solutions such as DNS hosting and more for a variety of websites and companies related to crypto.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/05\/31\/bitcoin-price-flash-crashes-btc\/\">Bitcoin to Zero: Bitcoin Price Flash Crashes 99% on BTC\/CAD Trading Pair<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">A similar issue occurred back at the start of July with Amazon Web Services competitor Cloudflare. In this situation, Coinbase, CoinMarketCap, and more went down due to an outage at the third-party provider. It\u2019s the service providers that are at fault, but how trading platforms responds and protect users separates the best exchanges from the bottom of the barrel.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The crypto market is highly volatile and assets such as Bitcoin, Ethereum, and EOS experience wild price swings. On cryptocurrency margin trading exchanges, these wild price swings are further amplified by traders trading on up to 100x leverage. Last night on one crypto margin trading platform, some strange behavior occurred that caused flash crashes and flash pumps across a variety of the crypto assets available for trading on the platform. Flash Crashes and Pumps Galore at BitMax Overnight, BitMax traders were able to load up on Ethereum at a low of 33 cents. EOS, spiked to over $100, and some lucky crypto investors were able to scoop up Bitcoin at a $1 per BTC on the USDC trading pair. Litecoin was yet another asset impacted. To avoid a million retweets, I accumulated all pics into 1 tweet.Looks like @BitMax_Official just became a MAJOR shitshow.$BTC, $ETH, $EOS &amp; $LTC are all exhibiting flash crash\/pumps.Anyone on margin using them, are just absolutely #REKT.&#8212;https:\/\/t.co\/ToUuOQIuGA &lt; Use this pic.twitter.com\/z2fqClINtD &mdash; ImNotTheWolf (@ImNotTheWolf) August 23, 2019 While these lucky users felt like they had hit the crypto version of a jackpot, traders on the other side of the trade had sold a $10,000 asset at just a buck. Many members of the greater community that learned of the news were quick to point out that any traders using margin were completely \u201crekt\u201d as a result. Some believe that the situation is a very real risk when trading using leverage, and those affected got what they deserved. But clearly this isn\u2019t the norm for any cryptocurrency exchange or platform, nor are traders deserving of losses at no fault of their own. Leverage, as defined by Investopedia, as using \u201cborrowed money\u201d to \u201cincrease the potential return of an investment.\u201d Margin trading platforms are very attractive to crypto traders. Using leverage crypto traders can amplify their profits \u2013 but also losses &#8211; by up to 100 times. Combining this with the 20% or more price swings that crypto-assets like Bitcoin, Ethereum, and EOS often exhibit, can both be a recipe for disaster and incredible wealth. Risk management is critical to success, but when platforms flash crash or platform instability, there\u2019s sometimes little traders can do to avoid getting \u201crekt.\u201d Cloudflare and Amazon Web Services to Blame for Widespread Crypto Issues It wasn\u2019t just BitMax that experienced issues last night, although no other platforms suffered the same flash crash and mega pump behavior. Binance CEO Changpeng Zhao tweeted about the issues his firm was experiencing due to AWS suffering outages. https:\/\/twitter.com\/cz_binance\/status\/40535559 The issue stems from an outage in Amazon Web Services cloud solutions. Amazon regularly provides cloud solutions such as DNS hosting and more for a variety of websites and companies related to crypto. Related Reading | Bitcoin to Zero: Bitcoin Price Flash Crashes 99% on BTC\/CAD Trading Pair A similar issue occurred back at the start of July with Amazon Web Services competitor Cloudflare. In this situation, Coinbase, CoinMarketCap, and more went down due to an outage at the third-party provider. It\u2019s the service providers that are at fault, but how trading platforms responds and protect users separates the best exchanges from the bottom of the barrel.<\/p>\n","protected":false},"author":517,"featured_media":394100,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,16892,13625],"tags":[428,52551,6664,10598,1946],"class_list":["post-394096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-eos","category-ethereum","tag-bitcoin","tag-bitmax","tag-crypto","tag-eos","tag-ethereum"],"acf":[],"yoast_head":"\n<title>33 Cent Ethereum and $100 EOS, What\u2019s Going On At One Crypto Exchange?<\/title>\n<meta name=\"description\" content=\"The crypto market is highly volatile and assets such as Bitcoin, Ethereum, and EOS experience wild price swings. 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.\",\"sameAs\":[\"https:\/\/coinchartist.io\/\",\"https:\/\/www.instagram.com\/coinchartist_io\/\",\"https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC\",\"https:\/\/www.youtube.com\/@coinchartist_io\"],\"url\":\"https:\/\/wncen.com\/author\/tonymspilotro\/\"}]}<\/script>\n","yoast_head_json":{"title":"33 Cent Ethereum and $100 EOS, What\u2019s Going On At One Crypto Exchange?","description":"The crypto market is highly volatile and assets such as Bitcoin, Ethereum, and EOS experience wild price swings. 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