This could have been manipulation, but I think the most likely explanation is trading ignorance. I've seen it so many times where people just bail with a market order. There's money to be made by training people how to effectively use limit orders.
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I certainly think it is possible, but the thing is, if you have over 13,000 ETH (worth nearly $4 million), I think it is more likely that you are experienced and know what you are doing. A newbie trader is unlikely to have that much, but it is possible.
Yeah, I did have that thought as well. Maybe it was just a flub. The problem with the manipulation argument though is that it's costly. Having once worked for a big bank, I highly doubt anyone would get the green light to spend a few million doing this.
That is a very good point. I hadn’t really considered that, but it is still possible. I definitely am drawn to conspiracy theories. If you stand to lose far more than $4 million by people moving their money into crypto currencies then it could be considered a calculated gamble.
The crypto market had been growing by billions of dollars a day up until the last few days. Probably a large part of that is coming out of the same big banks.
I know it is a bit of a stretch, and I did mention that. If someone did plan on buying out the entire order book in order to win back the ETH they spent for a fraction of the cost then I think they knew exactly what they were doing.