Flash crash on Bitcoin exchange sends price plunging

|By:, SA News Editor

Under pressure early at about $500, the price of bitcoin on the BTC-e platform suddenly plunged to $309, where just three trades took place. In the three minutes around those trades, there were 1,554 individual trades - a large number considering there are entire days when volume is around 5K.

Prices have since recovered, with the last price being $458.77, down 6.9% on the session.