“Bot went wild. Trading was halted,” Nejc Kodrič, Bitstamp’s co-founder statedearlier today, clarifying it was a client’s bot.
A bot that caused some chaos on euro pairs during a period of about 23 minutes starting at about 1:12 AM London time for bitcoin.
Some €6 million worth of bitcoin was sold within 15 minutes, bringing price down to just under €5,000 ($5,760) or about $1,000 below the market price on other exchanges.
Then, about €6 million was bought within 6 minutes, sending price to €6,600 ($7,600) or about $1,000 above market price.
The finale ends with about €1.3 million sold within one minute, bringing price to the market rate of €5,685 (~$6,500) where it has stayed in a very straight line.