Sunday, July 21, 2024

On Binance, the price of bitcoin plummeted by 87 percent to $8,000

Bitcoin, on Thursday, fell precipitously to $8000. The brief fall was observed on Binance’s US platform. The fall amounted to an 87% fall – from a high of $65, 815. Binance’s CEO, Changing Zhao, cautioned investors of very high volatility in the crypto market in the coming few months.

Cointelegraph reported, that on the other crypto platforms, Bitcoin’s brief candle floor was approximately $64,000. Binance, in an email, reported that the steep fall was attributable to a bug in the trading algorithm of one of its institutional traders. It was reported that the trader had since fixed the bug and the issue was now resolved.

Coverage on Social Media

On Twitter, the fall was widely discussed-with the issue trending on Twitter. Crypto traders even posted pictures of the chart of Binance US’s candlestick. The candlestick chart is a graph that tracks bitcoin price variations. Traders called the fall a scam.

Twitter account @Crypto_Chase, that claims more than 55,000 followers, complimented Binance US and posted, “Well done Binance US”. The twitter account went on to say that Americans were being compelled to use bad exchanges. The account said that on these exchanges people could get scammed on unreasonably thin books.

CNBC reported that there could be a variation in the prices of bitcoins and other cryptocurrencies between exchanges. This is because of the differences in supply between the bigger and smaller exchanges. CNBC further added that there way no standard way to price bitcoins.

Markets have always found it challenging to price bitcoins and other cryptocurrencies. Unlike stocks, investors are yet to standardize methods to price bitcoins.

Bitcoins are currently trading at record highs based on reports that the regulator will shortly approve bitcoin-linked ETF. This led cryptocurrency to reach an intra-day high, on Wednesday, of $66,976.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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