Today's market crash is brought to you by Kraken's malfunctioning trade matching engine.
Conversation
Hi Kevin, I'm a fan of but don't you think it's irresponsible to make misleading, disparaging and libelous statements on the basis of your own speculation, without any direct information? I'm sure you can think of a plausible alternative. Hope you issue a correction.
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Then you should *immediately* account for *exactly* what happened with today, what you plan to do about it, and how you'll make it right with your customers. You guys have had *zero* communication with your clients about this today - leave it to the internet to guess.
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What do you mean what happened? Selling drives the price down. Buying drives the price up.
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You're exchange doesn't allow buying/depth in the order book because orders get pulled during any moments of heavy volume. Your exchange dropped further than any other exchange due to the inability for buyers to even enter positions, further exasperating a leverage cascade
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He should explain why the prices quoted on his trading platform for were so disproportionate to the rest of the market instead of threatening the analyst. At best, an explanation of selling makes the price go down is incomplete and disrespectful. I feel sorry for those affected.
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Sounds like you are looking for an answer to the question of why there was not enough buying to make up for all the selling. Sometimes there are imbalances, which results in the price moving up or down. Sometimes the imbalances are bigger than at other times.
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There was not enough buying because your API was down.
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To prevent movement deeper in to an order book, maker orders need to be established in advance of taker orders. Once taker orders come and chew through the order book, it's too late. It's like putting up a dam after the flood. It'll help in the future but won't change the past.