Yesterday was an interesting day for our beloved Ethereum. A multi million dollar market sell was initiated and confirmed causing the price of Ethereum to plummet.
Many traders that had their accounts lose thousands of dollars while others purposely panick sold their holdings.
We have never seen anything like this yet and can only be a sign of things to come. I am not saying Ethereum isn't strong or can't hold it's own, however as an investor one must be careful with all of the greedy ICO's being launched.
There is no doubt that Ethereum looks like a great play in the long run, however for me I am going to just hold and stop checking the price every day or so.
We all know that Ethereum plans to change how society works and promises to make international dealings easier while providing an unbelievable ecosystem for new enterprises.
This is why I am still sold on Ethereum and was pleased to see it stable off so quickly.
If you are wondering if ETH is a good buy right now, my opinion is it will only continue to grow!
Ruch
Official Statement from GDAX- CoinBase
ETH-USD Trading Update
On 21 June 2017 at 12:30pm PT, a multimillion dollar market sell was placed on the GDAX ETH-USD order book. This resulted in orders being filled from $317.81 to $224.48, translating into a book slippage of 29.4%. This slippage started a cascade of approximately 800 stop loss orders and margin funding liquidations, causing ETH to temporarily trade as low as $0.10.
Our initial investigations show no indication of wrongdoing or account takeovers. We understand this event can be frustrating for our customers. Our matching engine operated as intended throughout this event and trading with advanced features like margin always carries inherent risk.
We are continuing to conduct a thorough investigation and will keep customers updated with any resulting actions. With that in mind, it is important to note that these trades are final in accordance with our GDAX Trading Rules (Section 3.1). Honoring properly executed orders is critical to maintaining the integrity of an exchange.
In response to the large price movement we decided to temporarily halt trading of ETH-USD. Once we confirmed all systems were operating correctly, we restored trading when in accordance with our Downtime Process (Section 5).