HomeCoinsEthereum (ETH)Kraken CEO defends crypto exchange after ETH price plunge on its platform

Kraken CEO defends crypto exchange after ETH price plunge on its platform

- Advertisement -


“Please don’t trade on leverage if you don’t understand the risks.”

That’s what Kraken’s Jesse Powell said to one user upset in the aftermath of a significant price decline on the crypto exchange’s ETH/USD market. On Monday, as crypto markets whipsawed, the price of ETH on Kraken sharply fell to $700 — dislocating from the broader market. As previously reported, Coinbase’s low for ETH at that time was just above $1,500.

Powell later took to Twitter and the broader press to explain that the move was caused by extreme selling, not a malfunction of the exchange’s trading engine. 

“We’re in the process of investigating,” Powell told Bloomberg News. “There doesn’t seem to be any evidence of a trading-engine malfunction. It seems like trades process accurately.”

The response to questions about a trade engine glitch followed a Twitter post from Coin Metrics data analyst Kevin Lu, prompting pushback from Powell.

20200113 Polkadot Map Research

In one exchange on Twitter, Powell was more blunt, asking: “How do you define ‘fair’? The system worked as intended. Everyone knew the rules up front. What more can you ask for?”

Indeed, the recent bout of volatility impacted a wide swath of traders, according to the available market data. As bitcoin fell below $48,000 earlier in Tuesday’s trading session, nearly $6 billion in crypto futures positions were liquidated. 

Related Reading



20201016023142aff i?offer id=10&file id=543&aff id=26183

Source link

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
471FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,279FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 62,201.00
ethereum
Ethereum (ETH) $ 2,477.17
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 1,206.21
litecoin
Litecoin (LTC) $ 328.19
eos
EOS (EOS) $ 8.58
okb
OKB (OKB) $ 19.19
tezos
Tezos (XTZ) $ 7.52
leo-token
LEO Token (LEO) $ 2.26
cardano
Cardano (ADA) $ 1.44
monero
Monero (XMR) $ 360.46
stellar
Stellar (XLM) $ 0.640076
chainlink
Chainlink (LINK) $ 43.11
huobi-token
Huobi Token (HT) $ 20.41
tron
TRON (TRX) $ 0.174150
usd-coin
USD Coin (USDC) $ 0.999692
dash
Dash (DASH) $ 404.62
neo
NEO (NEO) $ 98.46
iota
IOTA (MIOTA) $ 2.50
nem
NEM (XEM) $ 0.471941
zcash
Zcash (ZEC) $ 287.69
maker
Maker (MKR) $ 3,613.82
paxos-standard
Paxos Standard (PAX) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 46.47
vechain
VeChain (VET) $ 0.255481
true-usd
TrueUSD (TUSD) $ 0.999948
ftx-token
FTX Token (FTT) $ 54.19
kucoin-shares
KuCoin Token (KCS) $ 13.89
waves
Waves (WAVES) $ 16.56