Number go down: the single trade that crashed Bitcoin

Trading in all cryptos is very thin — clearing 5,000 BTC out of the Bitstamp order book at that time meant going from orders to buy Bitcoin at $7,800 all the way down to orders to buy at $6,178. BitMEX doesn’t exchange bitcoins for US dollars itself — it takes its BTC/USD prices from Coinbase and … Bitstamp. This is a huge and obvious incentive to manipulate the price on those two exchanges — whichever order book is thinner, so costs less to pump or dump — to win margin bets on BitMEX.

Source: davidgerard.co.uk