The incident took place at around 6 AM UTC. Since then, the price of Ethereum – the third largest cryptocurrency by market cap after Bitcoin and Ripple – has bounced back to an average trading rate of about $97.
Indeed, it only took moments before its value climbed back from $13 to $97.
For the record, it appears the anomaly solely affected the Ethereum price on Coinbase Pro’s USDC markets. For those unfamiliar, USDC is a dollar-pegged cryptocurrency, issued by fintech giant Circle (with some funding from mining behemoth Bitmain).
Shocked traders instantly took to social media to share screenshots of the unusual activity, with many left dumbfounded by the occurrence.
Hard Fork has since corroborated the crash indeed took place. Coinbase has yet to address the incident on its official channels.
Cryptocurrency, Ethereum, and flash crashes
This is hardly the first time the cryptocurrency market has seen such unexpected drops in price, more commonly known as “flash crashes.”
Indeed, this is at least the second time Ethereum has been subject to a flash crash.
Back in 2017, the price of the popular cryptocurrency, co-founded by Vitalik Buterin, collapsed from over $300 to just 10¢. As with today’s incident, its price swiftly recovered, even though it had much higher to climb.
Hard Fork has reached out to Coinbase for comment on this bizarre occurrence. Unfortunately, no representatives were available at the time of writing. We’ll update this piece accordingly if we hear back.
Additional reporting by Mix