That is as a result of mixture of factors, including a significant sell order and two ICOs, which contributed to network congestion and technical problems at exchanges.
Most severely hit was Coinbase's GDAX exchange, which saw a 96,100 ETH sell order. “This triggered orders being filled from ₦115K ($317.81) to ₦81k ($224.48), translating into a guide slippage of 29.4%,” explained an article by Ice President Adam White.
“This slippage started a cascade of approximately 800 stop-loss orders and margin funding liquidations, causing ETH to temporarily trade as little as ₦36.4 ($0.10).”
Signs of strain surfaced elsewhere, with charts showing a remarkable but short-lived dive in ETH to around ₦4732 ($13) at GDAX widely circulated.
Tuesday also saw the highly-popular initial round of Vinny Lingham's Civic ICO. Right after it began, Lingham announced the sale have been paused as a result of Ethereum network being “clogged.”
A concurrent ICO from Status meanwhile was criticized by investors and onlookers for the inadequate structure, which contributed to network instability.
“The badly designed Status ICO clogged up the network yesterday with a wide array of high gas fee transactions, most which are failing but nevertheless filling the blocks and preventing normal tx's from getting into,” u/emansipater commented on Reddit.
ETH since recovered to trade around ₦121K ($335), down only modest amount on a single time yesterday.
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