Bitcoin Prices Against Canadian Dollar Fall By 99% on Kraken Due to a Glitch

By Prashant Jha

Bitcoin prices against the Canadian dollar on Kraken exchange saw a massive 99% dip due to a glitch created by a rouge order. The prices fell to around 101 Canadian Dollar on June 2nd. Many Twitter and Reddit users believe that the glitch might have been caused due to low trading volume against the CAD while a few did not rule out a hack attack possibility.

On June 4th the BTC/USD also saw a major dip taking the Bitcoin prices below $8,000. The BTC/CAD suffered even bigger loss with the prices going as low as $7,700. However, the cause of the recent price decline is being attributed to whale manufactured sentiment rather than the glitch on the Kraken exchange.

Kraken is among the most recognized crypto exchanges of the world, and services such as Fiat withdrawals, liquidation of BTC against fiat, and also the only exchange which has a fiat trading pair against USDT. However, the exchange has been under the watchful gaze recently, as many believe that the exchange is holding funds for the bankrupt QuadrigaCX exchange.

Kraken is yet to comment on the recent glitch, but most of the times rogue orders are responsible for creating trading anomalies. But one must note that similar anomalous orders have been the cause of hacking attacks, the most recent example being the Binance.

There have been similar reports of price glitches in the past as well, and mostly these kinds of glitches are limited to just a single exchange. Ethereum has been a victim of a similar glitch in the past. However, since the volume of BTC/CAD is significantly low, the glitch did not really have any impact on the overall market given the low $1.1 million trading volume for the pair in the last 24 hours.