In 2017, Ethereum crashed from $319 to 10 cents after a huge trade on an exchange

In 2017, a single multimillion dollar sell order caused a number of orders to be filled, which caused the price to fall.

As the price fell, 800 more stop orders and margin liquidations dropped the price as low as 10 cents, which was only $319 shortly before.

Regarding whether or not the trades would be reversed, the vice president of the exchange GDAX said:

"Our initial investigations show no indication of wrongdoing or account takeovers. We understand this event can be frustrating for our customers.

The fact that this had happened in 2017 obviously helped the fact that it didn't bring any disrepute to Ethereum, even though it wasn't the coins fault but because of the trades done in that certain exchange.

The fact that a single big trade can start a chain effect is also pretty interesting, though it's very unlikely now with the amount of capital it would take.

Seeing how Bitcoin went up to $56k in a certain exchange because of low liquidity reminded of this time that it had happened to Ethereum.

Here is an article about it from 2017:

https://finance.yahoo.com/news/digital-currency-briefly-crashed-319-132858551.html