It seems to be becoming a common occurence to see projects flash crash during this bear market. Following last weeks flash crashes on Stratis and Ethereum, Enigma has gone and flash crashed as well on Binance.
What seems to happen is someone with a large holding, simply market sells their entire holdings once off. Due to think order books, the price drops dramatically as the sell order looks for buyers.
Enigma ($ENG) dropped a ridiculous 600% earlier today following a massive sell off on Binance, which saw the project drop from $0.24 down to $0.03. Enigma was trading at roughly 7000 satoshis before plummeting down to 999 satoshis will a total volume of $918k being sold and bought.
The crash of Enigma on Binance, makes it the second coin in only a week to flash crash on the exchange, following the Stratis flash crash last week which saw the project dump as well.
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Ethereum suffered a similar situation on Coinbase after a massive sell off tanked the price to $13.
Clearly people are capitulating as prices of projects continue to slide with the market. It appears that exiting at any cost for some people is the prefered move at the moment, no matter what the loss.
First $STRAT, now $ENG - dumped to the ground on surprisingly low volume. Order books on alts are currently super thin.— #DYORangutang (@cryptorangutang) December 12, 2018
We are back to "setting ridiculously low bids" season. pic.twitter.com/ZbVtQeVLoP
$ENG flash crash on Binance. From $0.24 to $0.03 within a 1 minute candle.— Soleil Du Soir (@soleil_dusoir9) December 12, 2018