A Brazilian investor has done a transaction in the TemBTC exchange paying about to US$ 90 (R$ 340 in Brazilian currency) for the fraction of 0.0047359 bitcoin. The transaction corresponds to pay more than US$ 19 thousand per bitcoin unit. This amount is above the historical ceiling of currency trading in Brazil, which was US$ 18.6 thousand. However, this wasn’t the unique “generous” transaction for this user, with other purchases with values above the negotiated average.
Haven’t an official explanation to this case, but according to Renato Abreu, founder of TemBTC, an inexperienced user probably caused the error. TemBTC didn’t have a great volume of transactions and after the recent acquisition by a big group had a sudden increase in the number of users. With the arrival of new investors, the exchange started trading more than 2,000 BTCs in less than one month. This volume corresponds to a 200,000% increase in the volume of exchange transactions.
But what does the increase in transaction volume have to do with the incident? Probably new investors bought more than they sold and left just a few sell orders left on the platform. At that point, an investor executed a large purchase order automatically. Therefore, all sales orders were executed for that user, no matter the value of the order.
The importance of investor support
Several incidents have reported caused by investors with poor knowledge in crypto platforms. One of the most well-known incidents was the sale of ethereums at US$ 0.10. This caused a general to overturn in the value of this cryptocurrency. Therefore, efficient communication between the exchange and its investors have relevant importance. Platforms with clear customer information such as the recently released by Transfero Swiss AG (https://panoramacrypto.com/transfer-platform-investments/) allow investors to keep aware in the decisions. For many, the crypto market still new, then information dissemination actions still important at the current stage of this market.
The latin portal Portal do Bitcoin reported the record transaction of the Brazilian on the last day February 14th.