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.
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.
DC Forecasts is a leader in many crypto news categories, always striving for the highest journalistic standards and adhering to strict editorial guidelines. If you would like to share your expertise or contribute to our news page, please contact us at [email protected]
.
.
Bitcoin transactions represent the movement of bitcoins from senders to receivers, digitally signed using cryptography…
Visa's new metric finds that over 90% of stablecoin transaction volumes lack genuine user engagement.
Data from Coinglass has unveiled staggering figures of liquidated contracts, shaking both seasoned investors and…
Over 84% of the staked Sui token supply is controlled by the founders, raising centralization…
The Coinbase class action lawsuit, echoing a previous case against the exchange, accuses it of…
Tether's CEO, Paolo Ardoino, highlights discrepancies in the Bitfinex data breach, revealing that only a…
This website uses cookies.