Yesterday a surprising event occurred on Binance US as the price of Bitcoin briefly crashed to less than $10,000.
Bitcoin flash crashes across exchanges
While this anomaly was quickly corrected, it had a far-reaching effect on other exchanges as Kraken also saw the value of BTC drop to around $54,000, Coinbase saw the price drop by around $1000.
The price rally of Ethereum was also briefly curtailed as the asset lost as much as 50 percent of its value in some cases where it was trading for $2000 after it had breached the $4k mark.
Interestingly, Changpeng Zhao, the CEO of Binance had earlier tweeted a warning to crypto traders generally asking them to “Expect very high volatility in crypto over the next few months.” Shortly after his tweet, Binance US saw the flash price crash.
Binance explains why
Speaking on why this occurred on its exchange, Binance US in an email to Bloomberg, revealed that the flash crash was caused by a bug on one of its institutional trader algorithms. While
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