Bitcoin fell to $8,200 for a few seconds on crypto trading platform Binance U.S., a 90% plunge. At 10:40 PM ET, Bitcoin has jumped back to its original level of $61,135. This happened after the Bitcoin price rose above $67,000 which was a new all-time high.
Binance has revealed that large holdings above 575 BTC were sold, causing the drop. Binance U.S. customers also report that they had encountered an error in the trading algorithm.
However, Binance.US has investigated the incident and has resolved this issue.
The trading platform also warned crypto traders of the “high volatility” expected in the coming months.
The sharp drop in the price of bitcoin on Binance U.S. has also hit other exchanges. Among them is the number one U.S. exchange Coinbase, where the price of Ethereum fell from $4,000 to $2,000 in a short period of time.
There was no such problem in the Binance platforms of other regions. At the moment, the price of BTC has remained stable, although Bitcoin has fallen more than 3.18% from its peak in the last 24 hours.
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Friday, October 22, 2021