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June 28, 2022
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Bitcoin

Bitcoin “drops” to $8,200 on Binance

BTC on Binance.US scares traders and makes them angry.

Calm down, this only happened on the Binance.US exchange, and it was for a few seconds. But the scare was big, suddenly a one minute candle took BTC / USD from $65,815 to $8,200, that’s an 87% drop.

In an email the company said:

“One of our institutional traders indicated to us that there was a bug in their trading algorithm that appears to have caused the liquidation. We are continuing to investigate the event, they fixed the bug and the issue appears to have been resolved. “

It wasn’t just bitcoin that suffered this “bug”. Among the cryptocurrencies are, Solana (SOL) dropped from $194 to $142, Cardano (ADA) plummeted from $2.29 to $0.42, QTUM dropped from $13.5 to $10.4, Ethereum ( ETH) decreased 34.34% from US$4,360 to US$2,873. All that had this problem, went back to being traded at the real price soon after.

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This is the latest case in a series of situations like this, with cryptoactive exchanges, Synthetify, a new decentralized exchange, was forced to close for a while, shortly after its debut earlier this month, because of bad data provided by Pyth Network, a price list supported by some of the world’s best-known trading and foreign exchange companies.

Bitstamp was also seeing strange events in the order book when the price of the BTC dropped from $55,000 to $51,000 earlier this month.

But after the scare at Binance.US, the market went back to acting as usual. Bitcoin has been trading around record highs this week due to investor enthusiasm for the regulator’s approval of the first exchange-traded fund linked to Bitcoin. On Wednesday (October 20, 2021), cryptocurrency reached an intraday peak of $66,976.

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