Most times cryptocurrency exchanges show odd attitudes that is often difficult to explain. These attitudes include order delays, failed transactions, and outages, which have been taken to become normal nowadays. Nevertheless, something more unusual happened yesterday on the GDAX exchange as several Bitcoin buy orders were sold at the price of US$131. Many who took advantage would have made a good lots of money as GDAX exchange messing up.
Majority of the cryptocurrency exchanges cannot handle the present load of trades, as centralized platforms are not designed to handle lots of orders in quick succession. Even large cryptocurrency exchanges still find it hard to handle this. Both Coinbase and GDAX are not new to such issues and degraded performance, although they seem to handle their business a bit better compared to the rest of the market.
This does not signify that cryptocurrency exchanges such as GDAX may not have technical hitch along the way, though. More specifically, there have been a few orders for very cheap Bitcoins which were seemingly processed by the platform without any issues. Although everyone is seeking Bitcoin buy orders at a cheap price these days, but purchasing it at a ridiculous price of US$131 right now is something no one would dream of. Surprisingly, it seems some investors were successful in this regard.
All three orders were carried out when Bitcoin was selling at a price of US$15,709. Assuming this was neither a visual glitch nor a hoax, the investor successfully bought 7.5Bitcoin at the price of US$131. If the bitcoins were to be resold immediately, the investor would have made a profit of at least US$100,000.
GDAX hasn’t issued any official statement in regard to this incident yet. However, in most cases, such lucky trades will result in either a reversal of funds or simply the freezing of one’s account until the exchange can figure out what actually happened.
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