Coinbase exchange GDAX is crediting their traders out of the kindness of to those who lost Ether on margin in their flash crash on June 21st. A bullish sign for Ethereum.
And I’m going to give you the details on which cryptocurrency traders I follow to get trading signals early and see which coins they are making moves on.
I’m Ashton Addison from EventChain and this is the Crypto Coin Show.
Where I decrypt the facts to keep you on track in the crypto world.
GDAX, one of the world leading digital assets exchanges is crediting customer accounts who were affected by the GDAX ETHUSD Ethereum flash crash on June 21.
What happened was a multimillion dollar market Ethereum USD sell was placed on the GDAX, filling buy orders from $317 down to $224 American, with the slippage in price triggering approximately 800 stop loss orders and margin funding liquidations, causing ETH to temporarily trade as low as $0.10 before spiking back to just under $300.
The company is confident that all of the trades that executed during the flash crash were executed properly and their system did not malfunction, however they want to provide over the top quality service. Therefore, GDAX is crediting the ETHUSD value on the affected trading accounts who lost ETH on margin during the price movement. Those who bought ETH during the crash will not have their transactions reversed. (whomever bought ETH at $0.10 is laughing right about now).
This is a huge positive move by a major cryptocurrency exchange, and while GDAX is in no way liable for the losses of customers, They are taking a hit personally and refunding traders. The crypto community is praising GDAX for their refund decision because they are really stepping it up.
In the past the relationship between crypto traders and cryptocurrency exchanges has been tarnished because exchanges like Poloniex have had exchange issues like excess trading volume and lost coins, and when Bitfinex was hacked last year and they globalized the losses among everyone on the exchange even those who didn’t directly lose their funds were affected. It’s nice to see GDAX and Coinbase giving back to the crypto community.
They have turned a negative into a positive, and some people are flocking to GDAX as a primary exchange (but they might just be looking for some more $0.10 ETH). The decision has institutional legitimacy has grown and people are very bullish on Ethereum after the great move by Coinbase, who were valuated at a billion dollars earlier this month.
Second, I’ve been following some Cryptocurrency traders looking for tips on which way the crypto market is moving and which coins are hot.
One of the main traders I check up on is @WolfofPoloniex on twitter.
The Wolf is a professional crypto trader with fast, aggressive day trading movements that may qualify as some of the best moves in the community. Crypto prices can move super fast and his Technical Analysis tweets are pretty spot on when it comes to pumps. He even gave away 2 BTC to his followers today. Follow him on twitter to receive his trading calls and join his coin giveaways.
The second trader you have to follow is Ian Balina, a professional cryptocurrency trader who’s very transparent with his portfolio. He puts his current portfolio value in snapshot right up on instagram, gives out detailed updates on the upcoming ICOs, and has a free guide to investing on his site. Be sure to follow him on twitter @Diaryofamademan.
Let us know what you think of GDAX crediting the flashcash customers. Does this decision inclinate you to trade ETHUSD on GDAX as well? Also, do you want to hear more about which crypto traders to follow for up to date cryptocurrency trades? Let me know in the responses below.
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Look out for next week’s blog when I decrypt the facts, to get you on track in the crypto world.