Virtually every cryptocurrency market experiences a flash crash every now and then. Taking advantage of these large dips is not all that easy for most traders, though. One cryptocurrency enthusiast built the Bittrex Flash Crash Buyer Bot to tackle this problem. It is still a third-party project that asks for your API key and other secret information, but it could well be worth checking out after thoroughly vetting the code.
The Bittrex Flash Crash Buyer Bot has Potential
With so many price fluctuations in the world of cryptocurrency, there are plenty of buying opportunities to take advantage of. However, not everyone wants to stare at charts all day long in order to get in on all the price action. Most flash crashes only last for a minute or slightly more, which creates a very tight window of opportunity for even the fastest hands. Without an automated solution, taking advantage of these crashes is nearly impossible. Setting up price alerts works, but you still need to be near a computer or mobile device with internet access to take advantage.
That may no longer be a problem for traders who use the Bittrex exchange. There is now a trading bot which aims to take advantage of any and all flash crashes in which users may be interested. One can use it to purchase Bitcoin, Ether, or Tether (USDT), depending on which option they prefer. The bot can also place an order if prices drop below a certain threshold in the absence of a major crash, which allows for a fair bit of functionality. All things considered, it is a trading solution that many people have been looking for over the years.
As Bittrex is gaining in popularity every single week, such a bot could prove to be quite lucrative in the long run. It guarantees users can buy up different currencies in an effort to make a profit. While not all of these purchases will result in profits immediately, it is a good way to diversify one’s portfolio without too much friction. It is quite a powerful tool once configured correctly, especially considering that it can auto-sell currencies and even cancel buy orders if they take too long to fill.
For the people using this bot, it is best to only monitor a few different markets at once. The more markets that are added to the bot, the higher one’s chances are of missing out on a flash crash or buying opportunity altogether. That would not be in the best interest of the bot’s users by any means. So far, it seems monitoring three to four cryptocurrency markets simultaneously yields the best results, although functionality may be improved through future updates.
There is, however, one requirement in order to set up the Bittrex Flash Crash Buyer Bot correctly. The computer or server utilizing the bot must be running a recent version of Node.js. Once that is taken care of, the software should run just fine regardless of one’s operating system. With a lightweight code and installation process, most people will be up and scanning for flash crashes within mere minutes. The bigger problem is obtaining the bot, as its code is not free or open source right now. Instead, the owner aims to sell it for 0.5 ETH, which is a pretty low price considering the functionality one gets in return. Buyers will also get the full source code of the bot to properly check out the inner workings of this new tool.
Exchange trades will become more automated over time. Bittrex and Poloniex are already home to a fair amount of trading bots. Not too long ago, we touched upon the PoloNuke bot used to liquidate altcoin balances in one go. This Bittrex Flash Crash Buyer Bot does the exact opposite. Both are intriguing and potentially profitable new tools in the cryptocurrency trader’s toolbox.