{"id":472131,"date":"2021-09-21T17:00:28","date_gmt":"2021-09-21T17:00:28","guid":{"rendered":"https:\/\/wncen.com\/?p=472131"},"modified":"2024-06-11T13:58:49","modified_gmt":"2024-06-11T13:58:49","slug":"did-bitcoin-crash-to-5400","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/did-bitcoin-crash-to-5400\/","title":{"rendered":"Did Bitcoin Really Experience A Flash Crash Down To $5,400?"},"content":{"rendered":"<p class=\"p1\">Bitcoin has been plagued by numerous dips that have left the price of the asset at one-month lows. Monday was brutal for the cryptocurrency as the close of the weekend drew in with its low momentum in the market. This, in turn, led to the market experiencing a downtrend. Most notable was the price of bitcoin actually dropping into the $42,000 price range.<\/p>\n<p class=\"p1\">While the market dealt with this, a record flash crash happened on the trading platform Pyth Network. The crash was so significant that it saw the price of bitcoin lose almost 90% of its current value. The price crash lasted for approximately two minutes. Driving the price of bitcoin down to as low as $5,400 on Monday. The crash happened between the BTC &lt;&gt; USD pair on the Pyth Network. The Solana-based solution also saw the confidence interval (four times the asset reported price) for bitcoin drop to $21,623.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/news\/bitcoin\/just-10-days-after-el-salvadors-bitcoin-day-president-bukele-confirms-1-1-million-citizens-have-chivo-wallet\/\">Just 10 Days After El Salvador\u2019s \u201cBitcoin Day\u201d, President Bukele Confirms 1.1 Million Citizens Have Chivo Wallet<\/a><\/strong><\/em><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Between 12:21 and 12:23 UTC the Pyth BTCUSD aggregate price was below $40,000 \u2013 the lowest price reported was $5,402 with a confidence interval of $21,623 (4x the asset reported price) for a single slot \u2013 which was off-market relative to the BTC price available on other markets<\/p>\n<p>&mdash; Pyth Network \ud83d\udd2e (@PythNetwork) <a href=\"https:\/\/twitter.com\/PythNetwork\/status\/02686469?ref_src=twsrc%5Etfw\" rel=\"nofollow\">September 20, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p5\">Pyth Network acknowledged the crash on their Twitter account, where they assured their users that they were working to figure out what caused this. \u201cEngineers are continuing to investigate the cause and a full report is in the works,\u201d it said.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/hitL3L1a\/\" alt=\"Bitcoin price chart from TradingView.com\" width=\"1354\" height=\"686\"><\/p>\n<pre style=\"text-align: center\">BTC price recovers after falling to low $40K | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/UG2tjOD6\/\" rel=\"nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<h2 class=\"p5\">Why Did Bitcoin Crash So Much?<\/h2>\n<p class=\"p5\">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, \u201cunfortunately working as intended,\u201d <a href=\"https:\/\/twitter.com\/bonfida\/status\/92222722\" rel=\"nofollow\">tweeted<\/a> Bonfida.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/news\/bitcoin\/whales-are-loading-up-on-crypto\/\">While Broader Crypto Market Holds Its Collective Breath, Whales Are Loading Up On Bitcoin<\/a><\/strong><\/em><\/p>\n<p class=\"p5\">The crash no doubt affected a number of Pyth Network users. The network has apologized to affected users, saying, \u201cWe\u2019re very sorry for any hurt incurred for Pyth customers.\u201d 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.<\/p>\n<pre style=\"text-align: center\">Featured image from Yahoo Finance, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has been plagued by numerous dips that have left the price of the asset at one-month lows. Monday was brutal for the cryptocurrency as the close of the weekend drew in with its low momentum in the market. This, in turn, led to the market experiencing a downtrend. Most notable was the price of bitcoin actually dropping into the $42,000 price range. While the market dealt with this, a record flash crash happened on the trading platform Pyth Network. The crash was so significant that it saw the price of bitcoin lose almost 90% of its current value. The price crash lasted for approximately two minutes. Driving the price of bitcoin down to as low as $5,400 on Monday. The crash happened between the BTC &lt;&gt; USD pair on the Pyth Network. The Solana-based solution also saw the confidence interval (four times the asset reported price) for bitcoin drop to $21,623. Related Reading |\u00a0Just 10 Days After El Salvador\u2019s \u201cBitcoin Day\u201d, President Bukele Confirms 1.1 Million Citizens Have Chivo Wallet Between 12:21 and 12:23 UTC the Pyth BTCUSD aggregate price was below $40,000 \u2013 the lowest price reported was $5,402 with a confidence interval of $21,623 (4x the asset reported price) for a single slot \u2013 which was off-market relative to the BTC price available on other markets &mdash; Pyth Network \ud83d\udd2e (@PythNetwork) September 20, 2021 Pyth Network acknowledged the crash on their Twitter account, where they assured their users that they were working to figure out what caused this. \u201cEngineers are continuing to investigate the cause and a full report is in the works,\u201d it said. BTC price recovers after falling to low $40K | Source: BTCUSD on TradingView.com 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, \u201cunfortunately working as intended,\u201d tweeted Bonfida. Related Reading |\u00a0While 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, \u201cWe\u2019re very sorry for any hurt incurred for Pyth customers.\u201d 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<\/p>\n","protected":false},"author":541,"featured_media":472133,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,506,679,1119,1144,78790],"class_list":["post-472131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-crash","tag-bitcoin-price","tag-btc","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Did Bitcoin Really Experience A Flash Crash Down To $5,400?<\/title>\n<meta name=\"description\" content=\"Bitcoin has been plagued by numerous dips that have left the price of the asset at one-month lows. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Did Bitcoin Really Experience A Flash Crash Down To $5,400?","url":"http:\/\/wncen.com\/news\/did-bitcoin-crash-to-5400\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/did-bitcoin-crash-to-5400\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/09\/05baf8b13d738d6fc56c1786afd4a81d.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/09\/05baf8b13d738d6fc56c1786afd4a81d.jpeg?fit=640%2C384"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin crash","bitcoin price","btc","btcusd","btcusdt"],"dateCreated":"2021-09-21T17:00:28Z","datePublished":"2021-09-21T17:00:28Z","dateModified":"2024-06-11T13:58:49Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Did Bitcoin Really Experience A Flash Crash Down To $5,400?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/did-bitcoin-crash-to-5400\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/did-bitcoin-crash-to-5400\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/09\\\/05baf8b13d738d6fc56c1786afd4a81d.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/09\\\/05baf8b13d738d6fc56c1786afd4a81d.jpeg?fit=640%2C384\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin crash\",\"bitcoin price\",\"btc\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2021-09-21T17:00:28Z\",\"datePublished\":\"2021-09-21T17:00:28Z\",\"dateModified\":\"2024-06-11T13:58:49Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/09\/05baf8b13d738d6fc56c1786afd4a81d.jpeg?fit=640%2C384","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/472131"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=472131"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/472131\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/472133"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=472131"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=472131"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=472131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}