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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How can you explain that the imbalances were that much greater? Is Kraken as one of the largest and oldest really that illiquid and devoid of buying when other exchanges did not suffer this and in multiple crypto markets? The probabilities would make any good scientist curious.
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Though I do appreciate the response given the busy day. Thank you.
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I also appreciate the gesture from , I just wish that line of communication was more obvious via a blog post or something, front and center on your home page. Otherwise people will just guess “what happened”, and it makes you look like Robinhood limiting buy orders.
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It's a lot of data to dig through and we don't want to make any misstatements. So far, nothing to indicate anything malfunctioned but we'll make a report soon.
That would be good of you and Kraken to do. Thanks for hearing people out over here.
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