FAT FINGER sends Bitcoin briefly down before new highs
Typical case of “fat finger” error, a purely a careless trading mistake, sent Bitcoin over 8%.
The leading cryptocurrency Bitcoin crashed by over 8% to $51,011 at the Luxemburg-based Bitstamp exchange before surging back to the $56,000 level.
As of now, Bitcoin is trading at $56,433 starting the new quarter on a positive note.
This obvious fat finger error costs $40 million to a Bitstamp trader, while the exact reason for this error remains unknown. Other crypto exchanges stayed unaffected by the massive price moves.Volatility actions are not exactly rare on crypto exchanges. In February, the price of Ethereum halved in price. Trades made in human error, or even by algorithms, are often referred to as “fat fingers”, which is born of the idea that a person’s oversized fingers might cause them to press the wrong button on the keyboard.