This Is Why Bitcoin Flash Crashed By 87% To $8,000 On Binance.US

This Is Why Bitcoin Flash Crashed By 87% To $8,000 On Binance.US
фото показано с : zycrypto.com

2021-10-22 00:00

Earlier today, the bitcoin price temporarily dove from $65,820 to a meager $8K on Binance.US, losing some mind-boggling 87% in value before making up those losses in the span of a single minute.

Bitcoin Flash Crashes To $8K On Binance.US

Bitcoin endured a violent correction on Thursday, but only for Binance’s exclusive United States cryptocurrency exchange, Binance.US. In particular, the exchange printed a one-minute candle that caused an 87% pullback as the price of the pioneer cryptocurrency hit $8,200 with a trading volume of 592 BTC.

Flash crashes are a common occurrence in the crypto and traditional markets. However, the magnitude of Binance.US’s crash attracted the ire of the cryptocurrency community with one trader noting: “This type of shit just shouldn’t be happening. It’s not fair that some get stopped out and some stay in, some get fills and some don’t.”

The flash crash on Binance.US did not affect the price of bitcoin across the broader market. On other major spot exchanges, the price of the asset plummeted to around $64,150. Despite attempting to bounce back, it failed to recapture its pre-crash levels and has continued to fall, changing hands at $62,665.08 at press time.

BTCUSD Chart By TradingView Binance.US Flash Crash Explained

Some observers speculated that low liquidity was to blame for the flash crash on the American affiliate of the leading global crypto exchange.

“http://Binance.us had a lack-of-liquidity flash crash this morning. $BTC fell to $8200 for 1 min. I explained why on Youtube (not glitch; per confidential source). Good learning experience on exchanges. (PS: Doesn’t affect my bullishness on $BTC; just an exchange failure).“

But according to Binance.US, the crash was triggered by a bug in the trading algorithm of one of its institutional customers. In a statement shared with Bloomberg, the exchange stated:

“One of our institutional traders indicated to us that they had a bug in their trading algorithm, which appears to have caused the sell-off.”

The exchange says they are continuing to investigate the matter, but the trader in question has fixed their bug, hence resolving the issue. 

At the moment, it’s not clear whether any traders incurred losses from the flash crash and, if so, whether Binance.US intends to reimburse them.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 62574.39 (+0.77%)
Объем 24H $25.605b
Изменеия 24h: -1.33 %, 7d: 9.86 %
Cегодня L: $62021.96 - H: $63112.23
Капитализация $1232.437b Rank 1
Цена в час новости $ 62368.66 (0.33%)

bitcoin binance flash making value mind-boggling losses

Источник: zycrypto.com

bitcoin binance → Результатов: 126


Freshly Created Wallet Withdraws $59,000,000 in Bitcoin from Binance, Accumulation or Exodus?

Over the past 24 hours, two newly-created Bitcoin addresses withdrew a total of 2,273 BTC (valued at around $59 million) from cryptocurrency exchange Binance. These large withdrawals, identified by on-chain analyst Lookonchain, have sparked speculation among crypto market observers about potential increased institutional or whale buying at current Bitcoin price levels.

2023-8-23 11:11


Фото:

Binance Coin Diverges From the Pack as Bitcoin Breaks Below $10,000

Bitcoin’s stay above $10,000 only lasted about a day as the major cryptocurrency sunk just below that key mark on Monday. This prompted the majority of the market to follow suit as most other cryptocurrencies have a strong correlation to Bitcoin’s movements, except Binance Coin (BNB) In fact, while Bitcoin may be having an impressive […] The post Binance Coin Diverges From the Pack as Bitcoin Breaks Below $10,000 appeared first on BeInCrypto.

2020-2-11 16:34


Binance Research Indicates HODLing Bitcoin Is the Most Effective Strategy To Increasing Profits

Binance Research says that HODLing Bitcoin is the best strategy and they may just be right, considering Bitcoin mostly goes up only a few days a year. When in doubt? #HODL. Not holding #Bitcoin on Dec, 7 2017 means you would have missed its largest daily absolute gain of $3,608 (25%). The chart below (from […]

2019-11-15 21:35


Фото:

Binance Chain Reigns Supreme in $80 Million Bitcoin Sidechain Market

We’ve all heard it happening before — someone manages to send their Bitcoin (BTC) to an address on a different blockchain, and pretty much has to kiss their money goodbye. However, with the advent of Bitcoin sidechains, it’s now possible to safely transfer Bitcoin to a variety of other blockchains in return for native BTC-pegged […] The post Binance Chain Reigns Supreme in $80 Million Bitcoin Sidechain Market appeared first on BeInCrypto.

2019-10-18 17:05


Фото:

Bitcoin Liquidations: BitMEX, Binance Bosses Duke It Out On Twitter

Cryptocurrency exchange Binance has sparked the wrath of BitMEX, one of its biggest competitors after claiming to have invented an essential bitcoin trading tool.   Hayes to CZ: Attend My Bitcoin Derivatives Trading 101 In a Twitter debate which continues to play out, Changpeng Zhao, known as CZ in cryptocurrency circles went head to head with BitMEX CEO Arthur Hayes.

2019-9-18 23:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru