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21st October Bitcoin Price Drop From $66k To $59k - Explained.
2021-10-23 | Big Bob
Bitcoin Price Chart - Source: CoinMarketCap
Interestingly, Changpeng Zhao, Binance's chief executive officer had earlier sent a warning to crypto traders asking them to "Expect the highest volatility of crypto in the next few months." Shortly after his tweet, Binance US saw a flash price crash. Binance US, in an email to Bloomberg, explained that the flash meltdown was caused by a defect in one of its trade-offs. The crypto exchange continued to declare that the problem had been remedied despite the fact that the trader's identity remained a lie. “One of the traders at our center showed us that they had a problem with their trading system, which seems to be the reason for the drop. We are still looking at the event, but we understand from the trader that they have now fixed their bug and that the issue seems to have been resolved,” the email read. It is unknown whether any transaction has resulted in a loss as a result of dropping commodity prices since the time of publishing. You may recall that after being listed as the first crypto-based exchange-traded fund (ETF) in the United States, Bitcoin's value soared to $ 67,000. Some analysts have attributed rising commodity prices to digital Proshares ETFs on the NYSE. Significantly, the number of crypto-related ETFs is expected to be live soon.
