Coindesk is reporting that cryptocurrency exchange GDAX had such a run of selling of ETH on the market yesterday that the starting $360 price got as low as $13 as buying dried up and sellers took whatever was being offered at "market price".
It appears that as much as 128,000 ETH was sold "at market" and the falling price seemed to cascade, causing a large number of "stop-loss" sells of ETH from investors and traders, and crashing the price to as low as $13. Of course the price immediately rebounded as buyers launched in and ETH is currently trading around $320
The move was so severe that Coinbase, the US-based operator of the exchange, opted to disable trading of the ETH/USD pair and block withdrawals of ether.
This serves as a clear warning to Crypto investors and traders that although the tools and interfaces at online exchanges appear to be similar to sharemarket tools - the infrastructure surrounding them is new and has not been volume tested.
Do NOT leave large stop-loss orders unattended, do NOT trade large volumes of ANY token "at market", and do NOT expect these markets to behave rationally. Buyers and sellers need very much to "be aware" of the volitile nature of ALL crypto-tokens.
Let's be careful out there guys n gals.
Source :
http://www.coindesk.com/13-ethereum-ether-prices-plunge-2500-gdax-exchange-flash-crash/