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BITCOIN SUFFERS FLASH CRASH ON CRYPTOCURRENCY INDEX2 min read

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On Tuesday morning, it was noticed that Bitcoin had a flash crash after dropping over $600 in a matter of minutes, but just an index logged the move of the price.
Early on Monday, the cryptocurrency had reached a high rate of $4,867, which has been reported to be its highest ever since September, 2nd. But this same index revealed that the digital coin dropped by over $600 to a low of $4,200 around 9:00 am.
During that session, it had a reduced rate of 12% but later recovered at a rapid pace and was being traded at $4,787 around 9:10 am.
The composition of the CoinDesk Bitcoin price index is the average price from four exchanges which are: Bitstand, Coinbase, OKCoin, and itBit. Other indexes like Brave New Coin’s Bitcoin liquid index and CryptoCompare.com did not reflect any flash crash of the coin.
Earlier, the four exchanges that make up the CoinDesk bitcoin price was checked by CNBC, but none of the indexes reflected any sign of a flash crash. The failure to indicate any flash crash by the four exchanges prompted CNBC to contact CoinDesk to verify if the problem is not as a result of a difficulty with its index.
During the time of the flash crash, the central bank of Russia suggested a restriction on exchanges selling the digital coin. According to Reuters on Tuesday morning, the currency was described by the first deputy governor of the central bank as a “dubious” one.
It was further reported by the news agency that the deputy governor said: “we cannot give direct and easy access to such dubious instruments for retail (investors).” He stated further that Russia would restrict access to any website of exchanges that sell cryptocurrencies like Bitcoin.
The price of the coin (Bitcoin) dropped $200 suddenly after the announcement of the ban on Initial Coin Offerings (ICO).

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Also Read;  TOP VC PREDICTS CRASH OF CRYPTOCURRENCY

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