Waves Flash Crash by 99% Opened 5,200% Profit Window in Seconds For a Few People

If you are a WAVES holder and the type of trader that loves to keep an eye on the charts, you may have had a small panic attack yesterday after the WAVES market flash crashed by 99% to the value of 1 Satoshi on Binance;

As seen on the chart above, at 9:50 AM (UTC+1) on April 18, the Binance market flash crashed all the way down to 1 Satoshi, this translates into a price of around $0.00052.

It is still unclear as to what caused the flash crash, but according to CryptoPotato, an order of 506,000 WAVES was placed and executed. This order was presumably placed, perhaps accidentally, as a market order. If this was the case, all 506,000 WAVES would have been sold at the market rate, which would have cleared the entire Binance “buy side” of their order book, resulting in the market flash crashing down to 1 Satoshi. What is apparent is that the order books were very thin on Binance, which led to the resulting drop to 1 Satoshi with relatively low volume.

This flash crash was not apparent…

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