{"id":49206,"date":"2022-06-13T20:41:12","date_gmt":"2022-06-13T20:41:12","guid":{"rendered":"https:\/\/harchi90.com\/ethereum-flash-crash-sends-price-under-950-on-uniswap\/"},"modified":"2022-06-13T20:41:12","modified_gmt":"2022-06-13T20:41:12","slug":"ethereum-flash-crash-sends-price-under-950-on-uniswap","status":"publish","type":"post","link":"https:\/\/harchi90.com\/ethereum-flash-crash-sends-price-under-950-on-uniswap\/","title":{"rendered":"Ethereum Flash Crash Sends Price Under $ 950 on Uniswap"},"content":{"rendered":"<div style=\"background-color:transparent;background-size:20% 100%;background-repeat:repeat-x;background-image:linear-gradient(to right, rgba(0, 0, 0, 0.04) 1px, transparent 1px);background-position:0%;border-right:1px solid rgba(0, 0, 0, 0.04);position:relative;overflow:visible;font-size:1.2em;line-height:1.58;text-align:left\">\n<div class=\"pt-8 pb-10 border-t border-b border-decryptGridline \">\n<h4 color=\"#333\" class=\"sc-e93b592e-4 cXcZBp\">In brief<\/h4>\n<ul>\n<li class=\"font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body\">The price of Ethereum (ETH) briefly dropped below $ 950 on decentralized exchange Uniswap overnight.<\/li>\n<li class=\"font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body\">Currently, ETH is down about 20% over the last 24 hours at a spot price of $ 1,220 at most exchanges.<\/li>\n<\/ul>\n<\/div>\n<p class=\"font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body\"><span style=\"font-weight:400\">With <\/span><span style=\"font-weight:400\">Ethereum<\/span><span style=\"font-weight:400\">&#8216;s price <\/span><span style=\"font-weight:400\">down nearly 20%<\/span><span style=\"font-weight:400\">  over the past day and hovering around the $ 1,200 mark this morning, many crypto investors and industry watchers are bracing themselves for a historic drop back into triple digits.<\/span><\/p>\n<p class=\"font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body\"><span style=\"font-weight:400\">But it already happened late last night on <\/span><span style=\"font-weight:400\">decentralized exchange<\/span><span style=\"font-weight:400\">  (DEX) <\/span><span style=\"font-weight:400\">Uniswap<\/span><span style=\"font-weight:400\">albeit briefly, with the price of ETH hitting $ 950 after a whale dumped more than 65,000 ETH into the market.<\/span><\/p>\n<p class=\"font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body\"><span style=\"font-weight:400\">It was <\/span><a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/dcfgod\/status\/1536197218058657793\" target=\"_blank\" class=\"sc-adb616fe-0 ePvUAp\"><span style=\"font-weight:400\">widely spotted on Crypto Twitter<\/span><\/a><span style=\"font-weight:400\">, as that price was significantly lower than the spot rate on other exchanges, where the price hovered around $ 1,300 at the time.  However, it proved to be a brief flash crash for Uniswap, and the price rebounded in line with the rest of the market.<\/span><\/p>\n<p class=\"font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body\"><span style=\"font-weight:400\">Apparently, the momentary sub- $ 1,000 drop for ETH was primarily triggered by the aforementioned sale, which spanned both Uniswap and rival DEX <\/span><span style=\"font-weight:400\">SushiSwap<\/span><span style=\"font-weight:400\">.<\/span><\/p>\n<p class=\"font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body\"><span style=\"font-weight:400\">The transaction saw 65,104 ETH sold from <\/span><span style=\"font-weight:400\">a vault on DeFi app Oasis<\/span><span style=\"font-weight:400\">, with an average sell price of nearly $ 1,156 per ETH.  All told, that&#8217;s over $ 75 million in ETH sold at that price.  The ETH was <\/span><span style=\"font-weight:400\">sold for stacks of dollar-pegged stablecoins<\/span><span style=\"font-weight:400\">including DAI, USDC, and USDT.<\/span><\/p>\n<p class=\"font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body\"><span style=\"font-weight:400\">Mariano Conti, an angel investor and Ethereum project advisor, <\/span><a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/nanexcool\/status\/1536201676444553216\" target=\"_blank\" class=\"sc-adb616fe-0 ePvUAp\"><span style=\"font-weight:400\">tweeted<\/span><\/a><span style=\"font-weight:400\">  that the investor was apparently selling off the large trove of ETH to \u201cpay off debt and decrease their risk\u201d on <\/span><span style=\"font-weight:400\">DeFi lending platform MakerDAO<\/span><span style=\"font-weight:400\">\u2014Perhaps to cover a loan that was about to be liquidated.<\/span><\/p>\n<p class=\"font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body\"><span style=\"font-weight:400\">However, by moving such a large amount of ETH in a single transaction, the seller apparently got a less-than-desirable price.  As the Oasis vault data shows, the oracle price for ETH at the time was more than $ 200 higher than the average sell price in the transaction.  The seller also paid nearly $ 152,000 in fees to Oasis with the transaction.<\/span><\/p>\n<p><span class=\"\" style=\"display:inline-block\"\/><\/p>\n<p class=\"font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body\"><span style=\"font-weight:400\">Just a few hours later, the same Oasis vault owner sold another 27,947 ETH at an average price of $ 1,181 each \u2014 another $ 33 million worth of ETH at that price.  Again, the seller took a low price compared to what the oracle said was the market value at the time, which was $ 1,335.<\/span><\/p>\n<p><!-- --><\/p>\n<p class=\"font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body\"><span style=\"font-weight:400\">At a current price around $ 1,220 as of this writing, per data from CoinMarketCap, Ethereum has shed nearly 20% of its price over the last 24 hours, and 34% in the past week.  It&#8217;s now down 75% from its all-time high of nearly $ 4,892 from November 2021.<\/span><\/p>\n<p class=\"font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body\"><span style=\"font-weight:400\">Top cryptocurrency Bitcoin is also down significantly of late, but the news isn&#8217;t quite so bad: it&#8217;s down 17% today and 25% over the past week.  At its current price of $ 23,366, Bitcoin has fallen 66% from its own all-time high price of nearly $ 68,790 set last November.<\/span><\/p>\n<div class=\"my-4 border-b border-decryptGridline\">\n<article class=\"p-5 bg-neutral-50 border-y border-neutral-200 bg-decryptBackgroundColor\">\n<h3 class=\"font-ak-bold text-xl leading-none text-neutral-800\">Want to be a crypto expert?  Get the best of Decrypt straight to your inbox.<\/h3>\n<div class=\"flex items-center md:space-x-4 my-6\">\n<div class=\"overflow-hidden md:w-20 w-0 h-16 relative shrink-0\">\n<div class=\"relative -left-5 -top-9 w-36 h-28 md:block hidden\"><span style=\"box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:absolute;top:0;left:0;bottom:0;right:0\"><noscript><img sizes=\"100vw\" srcset=\"https:\/\/cdn.decrypt.co\/resize\/600\/wp-content\/themes\/decrypt-media\/assets\/images\/newsletter-adunit-vector.png 600w, https:\/\/cdn.decrypt.co\/resize\/640\/wp-content\/themes\/decrypt-media\/assets\/images\/newsletter-adunit-vector.png 640w, https:\/\/cdn.decrypt.co\/resize\/768\/wp-content\/themes\/decrypt-media\/assets\/images\/newsletter-adunit-vector.png 768w, https:\/\/cdn.decrypt.co\/resize\/950\/wp-content\/themes\/decrypt-media\/assets\/images\/newsletter-adunit-vector.png 950w, https:\/\/cdn.decrypt.co\/resize\/1024\/wp-content\/themes\/decrypt-media\/assets\/images\/newsletter-adunit-vector.png 1024w, https:\/\/cdn.decrypt.co\/resize\/1200\/wp-content\/themes\/decrypt-media\/assets\/images\/newsletter-adunit-vector.png 1200w, https:\/\/cdn.decrypt.co\/resize\/1280\/wp-content\/themes\/decrypt-media\/assets\/images\/newsletter-adunit-vector.png 1280w, https:\/\/i0.wp.com\/cdn.decrypt.co\/resize\/1536\/wp-content\/themes\/decrypt-media\/assets\/images\/newsletter-adunit-vector.png?ssl=1 1536w\" src=\"https:\/\/i0.wp.com\/cdn.decrypt.co\/resize\/1536\/wp-content\/themes\/decrypt-media\/assets\/images\/newsletter-adunit-vector.png?ssl=1\" decoding=\"async\" data-nimg=\"fill\" style=\"position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:cover;object-position:left center\" class=\"object-cover absolute inset-0 box-border p-0 border-0 m-auto block w-0 h-0 min-w-full max-w-full min-h-full max-h-full\" loading=\"lazy\" data-recalc-dims=\"1\"\/><\/noscript><\/span><\/div>\n<\/div>\n<p>Get the biggest crypto news stories + weekly roundups and more!<\/p>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In brief The price of Ethereum (ETH) briefly dropped below $ 950 on decentralized exchange Uniswap overnight. Currently, ETH is down about 20% over the last 24 hours at a spot price of $ 1,220 at most exchanges. With Ethereum&#8216;s price down nearly 20% over the past day and hovering around the $ 1,200 mark &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/harchi90.com\/ethereum-flash-crash-sends-price-under-950-on-uniswap\/\"> <span class=\"screen-reader-text\">Ethereum Flash Crash Sends Price Under $ 950 on Uniswap<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[8],"tags":[],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"fifu_image_url":"https:\/\/cdn.decrypt.co\/resize\/1024\/height\/512\/wp-content\/uploads\/2021\/04\/ethereum-etf-trading-markets-gID_2.jpg","_links":{"self":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/49206"}],"collection":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/comments?post=49206"}],"version-history":[{"count":0,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/49206\/revisions"}],"wp:attachment":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media?parent=49206"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/categories?post=49206"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/tags?post=49206"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}