While the entire market is waiting for bitcoin to hit $20,000, something remarkable happened this week. For a moment bitcoin went to the moon. Yes, only on the BINANCE crypto exchange. Bitcoin touched $82,000 and fell back just as quickly. As if nothing had happened.
A $82,000 bitcoin?
The incident was featured on the BTC / TUSD chart on Binance. On November 17 at 7:00 p.m. UTC, bitcoin started at a rate of $16,262. Nothing special, but after that the rate shot to $82,000. Just as quickly, the price fell back to $16,635. You can see this crazy move below on the Binance price chart.
Nothing special happened with the rest of the bitcoin trading pairs (USDC, BUSD, DAI, PAX and USDT). The trading volume also showed nothing crazy.
So what happened?
It's hard to prove, but it looks like it was a mistake. The trading volume was relatively low, and there was hardly any talk of this price move on Binance on Twitter.
It therefore seems like a human error on the part of a trader, who probably accidentally started a series of market orders before the price hit $82,000.
On the other hand, you need an incredible amount of money to drive the price up that far organically. The most obvious reason, therefore, is a bug on Binance's platform.
Not the first time…
This is not the first time that such violent movements have been seen on Binance's charts. On October 28, this was also the case on the ETH / USD chart. The Ethereum rate seemed to fluctuate between $571 and $197 in a matter of minutes.
But things also sometimes go wrong with other crypto exchanges. For example, in 2017 you could score a very cheap ether on Coinbase, when the price was $13.50 for a few minutes. Soon after, the price shot back to $294.
