Binance.US has comment on the reason for the extreme volatility that hit the exchange last night, claiming the Bitcoin slump was due to a bug in the trading algorithm of one of their institutional clients:

“One of our institutional traders advised us that he had a bug in his trading algorithm that appears to have caused the sell-off.”

A spokesman for the exchange said the problem was now resolved.

As reported by Bitcoin Magazine, the largest cryptocurrency plummeted 87% to $ 8,200, creating a one-minute beard.

There is some speculation that the crash was a low liquidity flash crash, which means it wasn’t a bug. A Twitter user To write:

“Binance.US had a liquidity problem this morning. BTC fell to $ 8,200 in 1 minute. I explained why on Youtube (not in error; according to a secret source). Doesn’t affect my bullish bias for BTC, just a bottom failure. “

After reaching a new all-time high of over $ 67,000 on Wednesday, Bitcoin price is down more than 4% at press time and is trading in the $ 63,000 area.

Source: TradingView

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