In a flash crash event, bitcoin plummeted in price on Kraken today. Crypto’s largest asset quickly rallied, however, providing one massive lower candle wick for price action.
Bitcoin dove more than $1,000 on Kraken’s crypto exchange on April 25, as seen in the chart below. The price provided a catastrophic wick, from around $5,400, down to levels near $4,400, and subsequently rallied right back up to a normal trading range. The whole whiplash event occurred within five minutes or so, involving a trading volume of more than 1,000 Bitcoin in that period, as can be seen on the following 30-minute candle chart.