{"id":528822,"date":"2023-04-27T06:30:11","date_gmt":"2023-04-27T06:30:11","guid":{"rendered":"https:\/\/uniquehot.com\/?p=528822"},"modified":"2024-06-11T10:09:54","modified_gmt":"2024-06-11T10:09:54","slug":"bitcoin-flash-crash-triggered-by-bogus-data","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-flash-crash-triggered-by-bogus-data\/","title":{"rendered":"Bitcoin Flash Crash Triggered By Bogus Data? Here&#8217;s What Happened"},"content":{"rendered":"<p>Bitcoin (BTC) <a href=\"https:\/\/uniquehot.com\/analysis\/btc\/bitcoin-price-flash-crashes-6-in-under-60-minutes\/\" target=\"_blank\" rel=\"noopener \">experienced<\/a> a flash crash yesterday in which the price plummeted from $29,800 to as low as $27,243 in just 60 minutes. The reasons for this violent price movement, which has not been seen on the Bitcoin chart for a long time, has caused speculations about what caused the crash.<\/p>\n<p>The popular Twitter account db (@tier10k) and crypto market intelligence firm Arkham Intelligence are in the crosshairs of the speculation. But what happened?<\/p>\n<h2>Bad Data Responsible For Bitcoin Flash Crash?<\/h2>\n<p>The crash was allegedly due to a wallet move by the US government and the sell-off of Mt. Gox Bitcoins. The Twitter account db sent out an automated tweet at 4:08 pm EST (8:08 pm UTC) that stated, &#8220;[DB] Mt Gox and US Govt Wallets Making Transactions,&#8221; which proved to be false.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">[DB] Mt Gox and US Govt Wallets Making Transactions: Arkham Alert<\/p>\n<p>&mdash; db (@tier10k) <a href=\"https:\/\/twitter.com\/tier10k\/status\/26846214?ref_src=twsrc%5Etfw\" rel=\"nofollow\">April 26, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Arkham Intelligence denies sending out erroneous messagesto certain users. But @tier10k also denied making a mistake: &#8220;[DB] Arkham: A Bug Fix Deployed Today Caused Alerts to Be Sent Erroneously to Small Subset of Users,&#8221; the account wrote as justification, explaining in a follow-up tweet:<\/p>\n<blockquote><p><strong>Had to wait to get clarification from Arkham, did not want to point the finger incorrectly. Believe they will make a statement soon. Will use multiple on-chain providers going forward.<\/strong><\/p><\/blockquote>\n<p>For its part, Arkham <a href=\"https:\/\/twitter.com\/ArkhamIntel\/status\/47713537?s=20\" target=\"_blank\" rel=\"noopener nofollow\">conducted<\/a> an investigation DB Alert situation and determined that Arkham alerts &#8220;were sent correctly in this case.&#8221; The platform claims that DB set two alerts for all Bitcoin transactions worth more than $10,000 and named those alerts &#8220;Mt Gox&#8221; and &#8220;US Gov.&#8221;<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/analysis\/btc\/bitcoin-price-flash-crashes-6-in-under-60-minutes\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Price Flash Crashes 6% In Under 60 Minutes, What Happened?<\/a><\/div>\n<p>Thus, Arkham&#8217;s account of events suggests that DB inferred the transactions of specific Bitcoin addresses from the designations he himself assigned.<\/p>\n<p>&#8220;When we fixed a bug causing us to not send alerts on configs like this, he then correctly received many alerts based on his parameters. No one received inaccurate alerts, they simply began receiving the alerts they had previously set,&#8221; Arkham states.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/highly-profitable-bitcoin-cross-formed-again\/\" target=\"_blank\" rel=\"noopener \">This Highly Profitable Bitcoin Cross Has Just Formed Again<\/a><\/div>\n<p>Remarkably, Arkham also clarifies that db&#8217;s tweets did not trigger Bitcoin&#8217;s flash crash. According to Arkham&#8217;s research, the crash began before db&#8217;s tweet, &#8220;as the drop occurred between 19:17 and 20:01 UTC (15:17 and 16:01 EST), and the alerts and tweet were sent afterwards at 20:07 UTC and 20:08 UTC (16:08 UTC) respectively.&#8221;<\/p>\n<h2>Cascade Of Liquidations<\/h2>\n<p>The bottom line is that the Bitcoin price plummeted by more than 8%, but as the data shows, this happened already prior to db&#8217;s tweet. In the process, over $1 billion in open interest (leverage) was wiped out. According to Coinglass <a href=\"https:\/\/www.coinglass.com\/LiquidationData\" target=\"_blank\" rel=\"noopener nofollow\">data<\/a>, a total of $80.3 million in longs and $73.4 million in shorts were liquidated in BTC yesterday.<\/p>\n<p>As analyst @52skew further notes, selling volume on the largest exchanges was huge. Binance saw selling volume of 19,400 BTC, Coinbase of 5,000 BTC, Bitstamp of 1,400 BTC and OKX of 6,400 BTC. He <a href=\"https:\/\/twitter.com\/52kskew\/status\/55111937\" target=\"_blank\" rel=\"noopener nofollow\">shared<\/a> the chart below to explain what happened.<\/p>\n<figure id=\"attachment_528833\" aria-describedby=\"caption-attachment-528833\" style=\"width: 2123px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-528833 size-full\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/FusPNMRaUAYkKXb.png?resize=2123%2C1164\" alt=\"Bitcoin Aggregate CVDs &amp; Delta \" width=\"2123\" height=\"1164\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/FusPNMRaUAYkKXb.png?w=2123 2123w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/FusPNMRaUAYkKXb.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/FusPNMRaUAYkKXb.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/FusPNMRaUAYkKXb.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/FusPNMRaUAYkKXb.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/FusPNMRaUAYkKXb.png?w=2048 2048w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/FusPNMRaUAYkKXb.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/FusPNMRaUAYkKXb.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-528833\" class=\"wp-caption-text\">Bitcoin Aggregate CVDs &amp; Delta | Source. Twitter @52skew<\/figcaption><\/figure>\n<p>At press time, the Bitcoin price has already recovered from the sharp drop. BTC already erased most of the losses and was trading at $29,189.<\/p>\n<figure id=\"attachment_528834\" aria-describedby=\"caption-attachment-528834\" style=\"width: 3625px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-528834 size-full\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/BTCUSD_2023-04-27_07-40-37.png?resize=3625%2C1672\" alt=\"Bitcoin price\" width=\"3625\" height=\"1672\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/BTCUSD_2023-04-27_07-40-37.png?w=3625 3625w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/BTCUSD_2023-04-27_07-40-37.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/BTCUSD_2023-04-27_07-40-37.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/BTCUSD_2023-04-27_07-40-37.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/BTCUSD_2023-04-27_07-40-37.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/BTCUSD_2023-04-27_07-40-37.png?w=2048 2048w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/BTCUSD_2023-04-27_07-40-37.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/BTCUSD_2023-04-27_07-40-37.png?w=1140 1140w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/BTCUSD_2023-04-27_07-40-37.png?w=3000 3000w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-528834\" class=\"wp-caption-text\">BTC price, 4-hour chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/nrmAI1No\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) experienced a flash crash yesterday in which the price plummeted from $29,800 to as low as $27,243 in just 60 minutes. The reasons for this violent price movement, which has not been seen on the Bitcoin chart for a long time, has caused speculations about what caused the crash. The popular Twitter account db (@tier10k) and crypto market intelligence firm Arkham Intelligence are in the crosshairs of the speculation. But what happened? Bad Data Responsible For Bitcoin Flash Crash? The crash was allegedly due to a wallet move by the US government and the sell-off of Mt. Gox Bitcoins. The Twitter account db sent out an automated tweet at 4:08 pm EST (8:08 pm UTC) that stated, &#8220;[DB] Mt Gox and US Govt Wallets Making Transactions,&#8221; which proved to be false. [DB] Mt Gox and US Govt Wallets Making Transactions: Arkham Alert &mdash; db (@tier10k) April 26, 2023 Arkham Intelligence denies sending out erroneous messagesto certain users. But @tier10k also denied making a mistake: &#8220;[DB] Arkham: A Bug Fix Deployed Today Caused Alerts to Be Sent Erroneously to Small Subset of Users,&#8221; the account wrote as justification, explaining in a follow-up tweet: Had to wait to get clarification from Arkham, did not want to point the finger incorrectly. Believe they will make a statement soon. Will use multiple on-chain providers going forward. For its part, Arkham conducted an investigation DB Alert situation and determined that Arkham alerts &#8220;were sent correctly in this case.&#8221; The platform claims that DB set two alerts for all Bitcoin transactions worth more than $10,000 and named those alerts &#8220;Mt Gox&#8221; and &#8220;US Gov.&#8221; Related Reading: Bitcoin Price Flash Crashes 6% In Under 60 Minutes, What Happened? Thus, Arkham&#8217;s account of events suggests that DB inferred the transactions of specific Bitcoin addresses from the designations he himself assigned. &#8220;When we fixed a bug causing us to not send alerts on configs like this, he then correctly received many alerts based on his parameters. No one received inaccurate alerts, they simply began receiving the alerts they had previously set,&#8221; Arkham states. Related Reading: This Highly Profitable Bitcoin Cross Has Just Formed Again Remarkably, Arkham also clarifies that db&#8217;s tweets did not trigger Bitcoin&#8217;s flash crash. According to Arkham&#8217;s research, the crash began before db&#8217;s tweet, &#8220;as the drop occurred between 19:17 and 20:01 UTC (15:17 and 16:01 EST), and the alerts and tweet were sent afterwards at 20:07 UTC and 20:08 UTC (16:08 UTC) respectively.&#8221; Cascade Of Liquidations The bottom line is that the Bitcoin price plummeted by more than 8%, but as the data shows, this happened already prior to db&#8217;s tweet. In the process, over $1 billion in open interest (leverage) was wiped out. According to Coinglass data, a total of $80.3 million in longs and $73.4 million in shorts were liquidated in BTC yesterday. As analyst @52skew further notes, selling volume on the largest exchanges was huge. Binance saw selling volume of 19,400 BTC, Coinbase of 5,000 BTC, Bitstamp of 1,400 BTC and OKX of 6,400 BTC. He shared the chart below to explain what happened. At press time, the Bitcoin price has already recovered from the sharp drop. BTC already erased most of the losses and was trading at $29,189. Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":528824,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1517],"class_list":["post-528822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-crash"],"acf":[],"yoast_head":"\n<title>Bitcoin Flash Crash Triggered By Bogus Data?<\/title>\n<meta name=\"description\" content=\"Bitcoin experienced a flash crash in which the price plummeted by $1,500 in just 75 minutes. 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