Bitrue says technical glitch impacted XRP orders on its system – causing mass liquidations


What is CryptoSlate Alpha?

A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›

Connect via Access Protocol

Access Protocol is a web3 monetization paywall. When users stake ACS, they can access paywalled content. Learn more ›

Disclaimer: By choosing to lock your ACS tokens with CryptoSlate, you accept and recognize that you will be bound by the terms and conditions of your third-party digital wallet provider, as well as any applicable terms and conditions of the Access Foundation. CryptoSlate shall have no responsibility or liability with regard to the provision, access, use, locking, security, integrity, value, or legal status of your ACS Tokens or your digital wallet, including any losses associated with your ACS tokens. It is solely your responsibility to assume the risks associated with locking your ACS tokens with CryptoSlate. For more information, visit our terms page.

Earn Interest on Your Crypto. Paid Out Daily!

Start Earning

Several crypto community members pointed out that the glitch led to a flash crash of XRP to $0 and liquidated long positions.

How To Get Free Crypto  

Cover art/illustration via CryptoSlate

Singapore-based cryptocurrency exchange Bitrue said it experienced a technical glitch that affected XRP orders on its system on April 26.

According to the crypto exchange, the issues occurred between 07:15 to 07:16 (UTC), leading to orders for XRP/USDT with incorrect prices and quantities.

XRP flash crashes to 0

Several crypto community members pointed out that the glitch led to a flash crash of the top cryptocurrency to $0.

According to XRP’s price chart screenshots shared on Twitter, various users who held long positions on the assets were liquidated. At the time, many wondered if a glitch caused the issues or if the platform was manipulated.

Coinbase Banner  

Meanwhile, the exchange’s users noted further that traders couldn’t profit as no buy orders were executed.

Bitrue to refund impacted users

The crypto exchange has promised to reverse the positions held by its users during the glitch period.

According to the platform, losses of users whose positions were liquidated would be nullified, and their margin amount would be refunded to their accounts.

Bitrue added:

“The settlement price of XRP will be marked at 0.4696 (taken at 07:15 UTC time).”

Meanwhile, the incidence had minimal impact on XRP’s price as the broader market experienced heavy volatility. According to CryptoSlate data, XRP is down 3.1% and is trading for $0.45741 as of press time.

XRP spikes 4% following Ripple’s latest response to SEC

Legal 2 weeks ago 2 min read

Attorney Jeremy Hogan highlights why XRP is not a security

Regulation 2 weeks ago 2 min read

Get a Daily Summary of Crypto News, Insights and Market Data Straight to Your Inbox.

Cheers! You’re subscribed to CryptoSlate.

Please add [email protected]” to your email whitelist.

Don’t show this message again

Go to Source
Author: Oluwapelumi Adejumo

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.