Attention Kraken Shoppers! Ether Was Half Off at $700 During Monday’s Crypto Sale
Kraken said ether's price had a "sharp" downward movement on Monday.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/KRYAMS55SFC5HAYH22XAVR2IEA.jpg)
/arc-photo-coindesk/arc2-prod/public/LXF2COBSKBCNHNRE3WTK2BZ7GE.png)
No, it wasn’t a misprint.
Amid the market melee that pummeled crypto assets across the board, ether’s price went as low as $1,546.53, down from around $1,800, according to CoinDesk 20 data. However, that number was a staggeringly low $700 on Kraken.
In a one-minute time span, the ETH/USD pair on Kraken dropped to $700 at UTC 14:20 Monday from $1,628.82 just approximately three minutes prior.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/R32D4YZIIVC5VPZ6VGWYWWXCV4.png)
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/NIYIJWGFCBACPKNZFMPH22NVGU.png)
“We saw the price of some digital assets such as ether and ADA have a sharp downward movement this morning on multiple trading venues just after 14:00 UTC,” a spokesperson from Kraken told CoinDesk in response to the abnormally low prices of ether and ADA on the exchange. “Kraken also saw a surge in sell orders around this time.”
“We’re communicating directly with clients and ask that anyone with questions about their account please open a ticket,” the spokesperson said, declining to comment further on the issue.
This is not the first time this type of “flash crash” occurred on Kraken, according to Trustnodes, which noted the problem on Kraken in 2018. The report indicated that such incidents usually occur when a trader accidentally entered a wrong number during trading, a behavior nicknamed “fat finger error.”
Ether’s trading volume on Kraken logged more than $888 million on Monday alone, more than double that of Friday’s figure.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/KYW7K2AWE5CJ3KPVI3PKG6TKKQ.png)
At press time, ether is trading at $1,749.94, down 8.92% in the past 24 hours, according to CoinDesk 20 data. On Kraken, it's at $1777.02, down 8.19%.
Apparently, sale time is over.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.
Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.