Bitcoin Flash crashes on Binance thanks to algorithm error: report

Bitcoin Flash crashed on Binance when the price of the coin on the exchange rose from $ 60,000 to $ 8,000 thanks to an algorithm error as we read more on our latest bitcoin news today.

After the price of Bitcoin  hit an all-time high, it fell 5.5% last day, but Binance US traders were shocked when the bitcoin flash on the platform fell to $ 8,000.

The US exchange announced that the flash crash was caused by a bug in the trading algorithm. A spokesman for the exchange said:

“One of our institutional traders advised us that he has a bug in his trading algorithm that appears to have caused the sell-off. We are still reviewing the event, but traders understand that they have now fixed their bug and it appears the problem has been fixed. “

Flash crashes are nothing new in the world of cryptocurrencies that rely on computer transactions, which means that something unusual happens on the day of the transaction that could cause the algorithm to sell out a large amount of property. The New York Stock Exchange uses automatic circuit breakers to make trading difficult in the event of a sudden drop in prices. The flash crash occurred on Binance and caused the price of BTC to drop almost 90% when trading in StableUSD. The trading pair had a reverse trend earlier in the year that caused the asset to jump from $ 5,000 to $ 11,000, and other exchanges experienced the same thing. All of this can negatively affect users who set up a stop loss for selling if the price drops below the stated level. For updates, be sure to visit the Bitcoin calculator on our website.

As recently reported, the new exchange-traded Bitcoin futures fund will start trading on Wall Street next week, according to the SEC and the Bitcoin Strategy ETF of asset manager VanEck. The New York based asset will go live after filing on October 23rd and will begin as soon as possible after the effective date. The first Bitcoin ETF in the US was launched a day ago and became hugely popular. The ProShares BTC ETF traded $ 280 million in stocks in about 30 minutes, and by the end of the trading day it was trading around $ 1 billion. Now the SEC has approved the VanEcks Bitcoin Futures ETF in the green light.

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