Ether’s massive sell-off could have been a ‘single whale’ dumping his life savings, Kraken CEO says

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

The massive selloff in the cryptocurrency ether on Monday was not an error, the CEO of crypto exchange Kraken, said. Instead, "it could be that a single whale just decided to dump his life savings." The second-largest cryptocurrency by market capitalization saw its price plummet by more than 50% on the exchange at the beginning of the week. "We're in the process of investigating," Kraken CEO Jesse Powell told Bloomberg on Tuesday. "There doesn't seem to be any evidence of a trading-engine malfunction. It seems like trades processed accurately." The ether (ETH) price dipped as low as $1,546.53 from around $1,800, according to CoinDesk data.

But on Kraken, for roughly one minute, Ether plunged to only around $700 at 9:20AM E.T., from $1,628 just three minutes prior. While the "whale" hypothesis is likely, Powell also told Bloomberg that the dip in price could have been made worse by the availability of margin trading and stop-loss orders on the exchange.  "It's still a bit of the...read more...