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The reasons for the sharp jumps in the Bitcoin rate have become known

Large cryptocurrency exchange Bitstamp announced the start of internal investigations due to the implementation of several applications for the sale of Bitcoin. The described situation occurred on the night of May 17, when one of the traders successfully sold 5,000 BTC at a price close to $ 6,200. Such operations led to the massive closure of positions for the purchase and, according to experts, caused a sharp collapse of the bitcon rate. One of the applications was for sale immediately 3645, which at that time was about $ 26.5 million, since the rate of the first cryptocurrency was slightly below $ 8000.

As a result of the execution of applications, the price of bitcoin has fallen sharply. At the Bitstamp exchange itself, the price at a certain point dropped to almost $ 6178, but very quickly returned to the level of $ 7300. Due to the specifics of building exchange systems, such actions led to the automatic liquidation of long positions on the trading platform.

Bitstamp
Bitstamp

Back on Friday, Bitstamp made an official statement regarding the fact that its systems behaved correctly and all applications were processed according to the statute of the exchange. However, despite this, the exchange is preparing to conduct a large-scale internal investigation of the incident.

At the moment, the price of Bitcoin, according to CoinMarketCap, was $ 7185 with a capitalization of $ 127 billion. Thus, over the past 24 hours, the first cryptocurrency has declined by more than 8%.

We also note a significant decline in the rest of the altcoin market many of them also lost 8 percent or more. The total market capitalization, on the eve of reaching $ 255 billion, has now dropped below $ 230 billion.

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