Isn't it just that the algos all got stopped out at once when the price went below 1.2 so the buyers were exhausted pretty much instantly and the market had no time to respond. A bit like the 2010 flash crash. Just a case of who had the fastest connections to execute the stops - which is always going to be the algos.
Stopping the price feed like LMAX did is probably a good thing. When liquidity is that low any futher trade you enter into is very likely to lose you a lot of money.
Stopping the price feed like LMAX did is probably a good thing. When liquidity is that low any futher trade you enter into is very likely to lose you a lot of money.