Bitcoin price quickly drops 87% to USD 8,000 on Binance US

Bitcoin (BTC) fell to just $ 8,100 on October 21 – but only if you are trading on Binance’s dedicated US exchange, Binance US

On Thursday, Binance US unexpectedly printed a one-minute candle that brought BTC / USD from $ 65,815 to $ 8,200 – an 87% drop.

“Shouldn’t happen”

BTC / USD One Minute is very different from other major exchanges that list a one-minute candle with a minimum price of around $ 64,200.

This phenomenon has been occurring more frequently in the past few days, with Bitstamp also observing strange ordering events.

However, the scope of the Binance-US bug lies within its own alliance and has not gone unnoticed by market participants.

“Good job Binance US”, popular Twitter dealer Crypto Chase summary.

“The good thing is that Americans are forced to participate in these bullshit exchanges where they are completely fooled by ridiculous brochures. Shit like that shouldn’t happen. It’s not fair for some to stop and some to stay, some refuel and some not. “

Crypto Chase refers to sudden and erratic price movements on exchanges designed to liquidate traders who should have held their positions.

That decline has become ironic as Binance CEO Changpeng Zhao, better known as CZ, warned of impending volatility.

“Expect very high volatility in cryptocurrencies in the next few months,” he said tweeted right day.

The leverage created on the market is too long

Meanwhile, concerns also grew on Thursday that leveraged traders are taking more risk than they can chew.

Related: Bitcoin Futures ETF Hits $ 1 Billion AUM in Two Record Breaking Days

A look at the financing prices on the exchanges suggests an exaggerated optimism as traders buy BTC en masse – a classic correction indicator.

Funding rates rose significantly in the hours after BTC / USD broke recent all-time highs, reaching $ 67,100.