The BTC/EUR trading pair on Coinbase suffered a flash crash, falling 23.7% at one point

During the market volatility period after BTC soared to a record high in US dollars, the BTC/EUR trading pair on Coinbase experienced a flash crash, plummeting 23.7% from 60,000 euros to 48,529 euros, while the price on Kraken was only as low as 58,400 euros. The cause of the flash crash is not yet clear, and 10 minutes later, BTC/EUR on Coinbase returned to parity with other exchanges.

Flash crashes can usually be attributed to several factors, one of which is a lack of liquidity, where the number of market sell orders is too high compared to the remaining buy orders on the order book, so the price needs to drop to the nearest sufficient bid point. Another reason is errors caused by traders or algorithms, often called "fat finger" trades.