Ethereum trades at $13 on Coinbase

Ethereum breifly crashed to a shockingly low $13 on GDAX, Coinbases, high performance trading platform.

It is reported that orders in the range of $13 to $60 were filled on the platform and a cryptocurrency analyst Cole Garner published screenshots showing that orders were succesfully filled at $55 and $65. He was able to purchase ETH at a rate representing over a 35 percent discount on the market ETH price.
At this time the cause of the crash is unclear but it is speculated that a buyer may have wanted to file a buy order at $13 instead of a sell order.

Major stock markets often experience flash crashes as many trades are decided by trading algorithms and bots and as such technical glitches do sometime occur.
As Investopedia explains:
“As securities trading has become a more heavily computerized industry driven by complicated algorithms across global networks, the propensity for glitches, errors and even flash crashes has risen. That said, global exchanges like the New York Stock Exchange, Nasdaq and the CME have put in place stronger security measures and mechanisms to prevent them and the staggering losses they can lead to. They cannot eliminate them altogether, but they have been able to mitigate the damages they can cause.”
The market crash was limited to GDAX and other exchanges remain unaffected.
This is not the worst flash crash that Coinbase has experienced. A similar crash occurred on December 7th when ETH briefly fell to $0.10 from $322. When this occurred Coinbase reimbursed traders affected. At the time Coinbase stated:
“We will establish a process to credit customer accounts which experienced a margin call or stop loss order executed on the GDAX ETH-USD order book as a direct result of the rapid price movement at 12.30pm PT on June 21, 2017. This process will allow affected customers to restore the value of their ETH-USD account to the equivalent value of their ETH-USD account at the moment prior to the rapid price movement,”
Wether Coinbase will reimburse traders that lost out on this crash is unclear and is probably dependent on whether the firm determins that it was caused by user behavior or a problem with their system,