2/22, 5:38 PM (Source: TeleTrader)
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Ethereum 'flash-crashes' to $700 on Kraken Exchange

The price of Ethereum (ETH) crashed for an hour on Monday to $700 on the cryptocurrency exchange Kraken making it one of the biggest corrections ever.

So-called "flash crash" happens when trades are executed by black-box trading, combined with high-frequency trading, whose speed and interconnectedness can result in the loss and recovery of billions of dollars in a matter of minutes and seconds.

In one hour lasting candle, the price went down to $700, representing a 63% fall from the daily average. However, it fastly came back to a recent price of $1,749.84.

The price of Ethereum was down by 14.66% to $1,756,1200 at 11:34 am ET.

Breaking the News / TF