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Breaking! Bitcoin Flash Crashes from $59.7k to $9.9K on IC Markets

2021-03-16 Brokersview

On Saturday, 13 March 2021, the Bitcoin price temporarily fell from $59.7k to $9.9K on IC markets, a Sydney-based retail forex broker.

"As you might be aware, yesterday we had a spike of BTCUSD pair at 14:54 server time," said IC Markets in the email to its clients the next day. "We are writing to you because one or more of your trading account(s) were affected. We would like to inform you that today we are proceeding with cash adjustments in all the trading accounts involved to rectify what happened."

Customers voiced their displeasure on FX110, a leading Chinese financial portal, about the sudden crash of Bitcoin on the Australian platform that resulted in potentially severe losses.

Although it didn't disclose what caused the sharp volatility in BTC market, the Australian broker stressed in its email that it would reimburse clients who suffered losses as a result of the flash crash.

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