Share this article
Bitcoin/Euro Suffers Flash Crash on Coinbase
The tumble occurred shortly after bitcoin hit a record high of $69,325.
Updated Mar 8, 2024, 10:41 p.m. Published Mar 5, 2024, 6:32 p.m.
- Bitcoin took 10 minutes to return to parity with euro trading pairs on other exchanges.
- Flash crashes are typically attributed to a lack of liquidity or a "fat finger" trade.
Bitcoin lost 23.7% of its value against the euro on Coinbase (COIN) Tuesday during the period of high volatility that followed the crypto's surging to a record U.S. dollar high of $69,325.
BTC momentarily plunged to €48,529 from €60,000 on Coinbase, while on Kraken, for instance, the price only went as low as €58,400. The reason for the flash crash remains unclear and it took 10 minutes for the price to rebound back to parity with other exchanges.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Flash crashes can typically be attributed to a few scenarios, one of which is a lack of liquidity, i.e., the amount of market sell orders was too high for the amount of resting buy orders on the order book and the price thus needing to sink to the nearest point of adequate bids.
Another reason, as seen during a flash crash on Binance.US in 2021, is a bug or mistake made by a trader or algorithm, often called a "fat finger" trade.
The disparity between euro trading pairs occurred shortly after bitcoin surged to a new record high in U.S. dollar terms of $69,325 and within minutes reversed those gains, sliding to below $64,000 at one point.
Coinbase did not immediately respond to CoinDesk's request for comment.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin Faces Japan Rate Hike: Yen Carry Trade Unwind Fears Miss the Mark, Real Risk Elsewhere
Speculators maintain net bullish positions in the yen, limiting scope for sudden JPY strength and mass carry unwind.
What to know:
- Impending BOJ rate hike largely priced in; Japanese bond yields near multi-decade highs.
- Speculators maintain net bullish positions in the yen, limiting scope for sudden yen strength.
- BOJ tightening may contribute to sustained upward pressure on global yields, impacting risk sentiment.
Top Stories
