Fat finger trade on Bitcoin exchange sends the price to 2.8 million baht (about $90k/BTC)

As the price dropped quickly on Friday evening due to the MtGox Trustee sale of $400 million worth of bitcoins all at once, an interesting thing happened on the Thailand exchange Tdax, the price skyrocketed to an all time high of over 2.8 million baht (about $90,000).

What appears to be an obvious fat finger trade ended up buying up all of the sell orders on the low volume exchange. At the time, a reasonable purchase at 282,000 baht/BTC would have been just another bitcoin purchase, likely creating a floor for the baht price on that exchange, instead the purchase executed was at 2,820,000 baht/BTC. The competing Thai exchange, BX.in.th, saw a low price of 276,000 baht/BTC for the week.

While the volume on Tdax does not make it a very significant price action (about 12 BTC total volume per day), it is a good lesson for people to check, double check, and then check again the price you put in when making a bitcoin purchase on the exchange.


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