Bitcoin Price Falls By 87% To $8k On Binance U.S. - Exclusive.

Bitcoin Price Falls By 87% To $8k On Binance U.S. - Exclusive.

2021-10-22 | Mike Hallen

Bitcoin Price Falls By 87% To $8k On Binance U.S. - Exclusive.

On the Binance U.S. platform, Bitcoin/USD "crashes" by 87 percent, irritating traders who complained about order book depth. On Oct. 21, Bitcoin (BTC) fell to $8,100 — but only if you were trading on Binance's dedicated US exchange, Binance.US. Binance.US unexpectedly printed a one-minute candle on Oct. 21 that dropped BTC/USD from $65,815 to $8,200, a decrease of 87 percent. The one-minute BTC/USD candle had a floor of roughly $64,200, which traders refer to as a "scam wick." Other large exchanges had a one-minute candle with a floor of around $64,200. The occurrence has been more common in recent days, with Bitstamp also experiencing unusual order-book events. The Binance platform's scope. The US error, on the other hand, was out of this world and did not go unnoticed by market participants. Crypto Chase, a renowned Twitter trader, summarised, "Well done Binance U.S." The ramifications of abrupt irregular price movements on exchanges, according to Crypto Chase, serve to liquidate traders who should have kept their positions. The mishap was ironic in that it occurred shortly after Binance CEO Changpeng Zhao, commonly known as CZ, issued a warning about impending volatility. On Oct. 21, he tweeted, "Expect very high volatility in crypto over the next few months." Meanwhile, on Oct. 21, there were growing suspicions that leveraged traders had taken on more risk than they could handle. A study at funding rates across exchanges suggests overconfidence, with traders going long on Bitcoin in large numbers - a traditional sign of a correction. Funding rates spiked in the hours after BTC/USD surpassed its latest all-time high of $67,100, earlier on 21 October.

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