Kraken CEO: Why Did Ether Drop to $ 700?

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Kraken CEO Jesse Powell made a statement on ether’s price that dropped to as low as $ 700 on Feb. 22. Powell said that research on the subject is ongoing, but it is not due to a technical hitch.

Jesse Powell spoke at Bloomberg about the declining ether of up to $ 700 on the Kraken exchange. Kraken CEO stated that the drop seen was most likely due to oversold. The big drop seen in Ether is not yet attributed to the technical problem.

As a result of Kraken’s research, there was no evidence that the drop was a technical problem. Jesse Powell says, “We have seen trades executed without any problems.” He emphasized that the probability of retraction of trades made that day is low. However, it is said that compensation can be given for those who suffered serious losses and were affected during the ether fall.

What happened?
Ether; While the bitcoin price fell by $ 10 thousand and other crypto coins turned red, it fell from $ 2,000 to $ 1,500. But the ether dropped more than 50% on Kraken and fell to $ 700.

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