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Ethereum Rival Polkadot Futures Suffer 99% Flash Crash—Forcing Binance To Enact Fresh Controls – The Future Coin
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Home Ethereum News

Ethereum Rival Polkadot Futures Suffer 99% Flash Crash—Forcing Binance To Enact Fresh Controls

by The Future Coin
March 6, 2021
in Ethereum News
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Trading contracts of polkadot, the ethereum rival that’s soared over 1,000% since August, have suffered a 99% so-called flash crash on the cryptocurrency exchange Binance.

Binance polkadot futures contracts briefly dropped to under $1 on Friday before bouncing back to around $33. During the sudden drop, lasting mere seconds, some $18 million of polkadot futures contracts were traded on the exchange.

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Binance, polkadot, ethereum, polkadot price, ethereum price, image

Binance, one of the world’s biggest cryptocurrency exchanges, has said it would consider new … [+] marketplace controls after the ethereum rival polkadot suffered a 99% flash crash.


LightRocket via Getty Images

“A user, who held a large position, put a single stop market order in the market, which triggered this needle,” a Binance representative told cryptocurrency news outlet CoinDesk, adding the position exceeded the total available bids in the market.

“It didn’t affect any other users’ positions as we are using mark price for liquidations. We will add more controls of stop market order size limits to prevent a similar recurrence.”

Such price spikes are unusual but not rare. In August last year, a rogue algorithm briefly sent the price of Binance bitcoin futures to $100,000—a situation one trader described as a potential “nightmare” scenario.

Cryptocurrency futures trading, allowing traders to speculate on future token prices, has grown to multi-trillion dollar market, helped by exchanges offering users the ability to hugely “leverage” their positions.

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polkadot, polkadot price, ethereum, ethereum price, Binance, chart

The polkadot price has soared since August last year, climbing over 1,000% and pushing it into the … [+] cryptocurrency top ten as users flock to the network from market leader ethereum.


Coinbase

Polkadot, currently the sixth-largest cryptocurrency by value, has climbed along with other ethereum rivals in recent months as traders speculate they could win market share from ethereum.

Ethereum, the second-largest cryptocurrency after bitcoin, has surged to record highs in recent weeks, climbing as interest in decentralized finance (DeFi)—using cryptocurrency technology to recreate traditional financial instruments such as interest, known as “yield,” and insurance—has accelerated.

With many of the biggest DeFi projects built on top of ethereum’s blockchain, the token has soared as users flood the network.

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