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Bitcoin exchange rate on Binance.US soared to $138,000

The price of bitcoin on the Binance.US exchange, a division of the Binance crypto exchange for the US market, at the moment exceeded $138,000 in pair with the USDT stablecoin. This is almost 400% higher than the current market price and twice the historical maximum of the bitcoin rate at the end of 2021, writes RBC.

According to TradingView, the sudden spike lasted only a few seconds. Judging by the Binance.US website, 62.22 BTC were sold on the exchange during this time, which corresponds to about $1.8 million at current prices.

Such a sharp jump in the rate suggests that someone in the market bought this amount in bitcoins for USDT. If this is true, then given the low liquidity on the exchange, this means that all available sell orders on Binance.US were immediately executed at real prices, along with those orders that were placed at an inflated rate “for good luck”.

Such situations - the so-called flash crash - are often accompanied by a fall in the exchange rate. A similar incident occurred on Binance.US in October 2021, when the price of bitcoin suddenly collapsed by 87% - from $65,000 to $8,200 - and recovered just as quickly. Representatives of the exchange then laid the blame for what happened on an error in the trading algorithm.

Binance.US has been experiencing liquidity problems for some time amid difficulties with banking partners and lawsuits from US regulators.


Forex Award | World Forex Award | Forex
Forex Award | World Forex Award | Forex
Forex Award | World Forex Award | Forex
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