The entire market has been fairly uncertain throughout the past week, though one event stands out from the rest. On September 20th, Bitcoin’s price crashed to around $5,400 on Pyth Network oracle’s BTC/USD feed.
Pyth is an oracle network based on Solana and it aims to bridge blockchains and real-world data. This is highly needed in the field of cryptocurrencies to provide relevancy, accuracy, and interoperability.
However, on September 20th, between 12:21 and 12:23 UTC, the Pyth BTC/USD aggregate price “had several sharp dips below $40,000, reaching as low as $5,402 and the confidence intervals became extremely wide.”
This became clear following multiple reports and an official blog post on behalf of the team.
BTC/USD Price and Confidence, Pyth Network.
This caused issues to applications that rely on Pyth price feeds without using the confidence interval price.
This allowed liquidations to occur even though the published price was highly uncertain.” – the Pyth team expl
Źródło: https://cryptopotato.com/pyth-network-explains-why-bitcoin-flash-crashed-to-5400-on-september-20th/
