Trader sells cryptomoedas for up to R$ 0.02 after opening wrong order of R$ 220,000 at BitcoinTrade

Operation with market price on the exchange executed orders of up to $ 0.02 for cryptomeda which is worth $ 5.40.

An order to sell cryptomycins was wrongly executed by a trader at the Bitcoin Method exchange, settling at market price a balance over R$ 220 thousand in DAI.

According to the exchange order book, in one of the cases the trader’s operation triggered a sale order of only R$ 0.02 on the platform, thus registering a loss for the user.

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With stablecoin (DAI) price around $ 5.40 currently, the order of $ 0.02 was executed with a discount of 99.6% on Thursday (14). However, only 10% of the total value of the investor’s order was executed at a price below the market.
Trader sells cryptomoedas in the wrong way

Sale and/or purchase orders at market price perform operations according to the availability of the exchange order book, taking into consideration the best price and the amount of cryptomacs available.

In other words, with the lack of crypto currencies with higher prices, the trade executes the other orders with lower values and that are in the queue on the platform, as it happened with the BitcoinTrade trader.

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According to BitcoinTrade’s CEO, Bernardo Teixeira, the investor executed an order of approximately 43 thousand units of (DAI) at market price. With the transaction, all open orders for sale of stablecoin were triggered by the trader.

“Some client chose to sell 43 thousand DAIs to the market, that is, consuming all the purchase orders that were in the book”.

Trader executes orders with more than 99% discount (Reproduction/BitcoinTrade)

Executed orders of up to R$ 0,02

On Thursday afternoon (14), a trader executed practically all the DAI purchase orders that existed at the BitcoinTrade exchange through the DAI/BRL pair. With the trade, even an order of R$ 0.02 was executed ‘unintentionally’.

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Even with the DAI price around R$ 5.40, the trader order executed a stablecoin buy order for only R$ 0.02. In total, this order bought 231 units of DAI from the trader who made a mistake.

This way, considering the current quotation of the DAI, the user with the open order paid only R$ 4.62 for 213 stablecoin units of the clogged trader. If sold at the current price, the 213 DAI units would yield R$ 1,247 instead of R$ 4.62.

Discarding any problem in the exchange, Bernardo Teixeira confirmed that the DAI sale with a discount of more than 99% was caused by a trader with a large volume order at market price.

“The seller made a mistake for trying to sell more than R$ 200,000 in DAI to the market. The vast majority of the orders in the book were at the normal value of DAI and only when these orders were consumed, were the lowest orders executed”.