Bitstamp acquisition responsible for Bitcoin and other Cryptocurrencies flash crash
On Monday, cryptocurrency markets were in a shock when Cryptocurrency markets plunged by almost 4% instantly. Research done by Blockmanity indicates that the acquisition of the Luxembourg based exchange Bitstamp was responsible for the sudden crash of Cryptocurrency markets.
Bitstamp announced on their official Twitter on Monday, that the exchange has been acquired by Belgium-based investment company NXMH. Bitstamp tweeted,
ANNOUNCING: Bitstamp was acquired by Belgium-based investment company NXMH. Our team, leadership and vision all remain the same. We believe this is the logical next step on our mission to be the most trusted digital currency exchange on the market: https://t.co/UxjNpDeKNR pic.twitter.com/3MUoQtdXFn
— Bitstamp (@Bitstamp) October 29, 2018
Bitcoin immediately started trading at around $6200 on Bitstamp, while it was trading at around $ 6450. Due to Bitstamp’s volume, the price of Bitcoin and other cryptocurrencies listed on Bitstamp immediately pulled the cryptocurrency market flash crash.
Bitcoin price started showing signs of recovery after it was confirmed that exchange will work as usual, and the current team will be the same. Bitcoin is currently trading at $6278 on Bitstamp and slowly recovering it to a stable value of around $6400-$6600.
Bitcoin has also started showing recovery on Coinmarketcap, with Bitcoin trading at $6437. The current dominance of Bitcoin is 54.1%. Cryptocurrency markets overall have started showing signs of recovery, with the market adding $1 billion more. The cryptocurrency market is worth $203 billion and has a 24-hour trading volume close to $12 billion.
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