Bitcoin Price Slides 2% After Deribit, Coinbase Flash Crash

Update (Nov. 1, 15:03 UTC): Deribit will reimburse over $1.3 million in losses from the BTC index calculation data issue witnessed at 21:00:00 UTC on October 31, 2019.

Another flash crash has occurred for bitcoin (BTC), this time appearing on the Coinbase Pro and Deribit exchanges.

At 19:55 UTC on Oct. 31, BTC’s spot price dipped from $9,260 to $9,055 in quick succession on Coinbase’s exchange for professional traders.

An hour later, Deribit, a futures and options exchange for BTC, saw futures prices drop from $9,150 to $7,720 before bouncing back above $9,000 within minutes.

The move caught traders unawares as multiple orders were executed in the process.

Crypto trader @Crypto_boy1 took to Twitter to slam Deribit for telling customers that trades would not be rolled back and that they should manage positions accordingly.

“It’s over. I would withdraw all funds and never use this exchange again If I was a user” he said.

5-minute chart

As seen above, BTC…