I had this happen on my server, recently, except that the seller posted about 20 of every glyph at 1 gold or less. Never seen anything like this before. In one day he obliterated the glyph market. I'm still not sure what this guy's goal was, or where/how he got the mats to make and sell all those glyphs at such a loss.

Up until this point there were 3 of us that were regular sellers and we battled to be just slightly less than the others, but we never went below a certain point. Without talking to each other we just knew once it hit a low point that we didn't want to go under we would let the glyphs sell out then start over again at a much higher pricepoint. This slow grind down in price followed by a high spike would be repeated over and over again. Before this market crash if a new or casual seller would vastly undercut us, one of us would just buy them out.

The glyph market is so messed up now I don't even bother with it anymore. Luckily I have maxed out every profession so I have other markets that I can turn to for now.