Amidst being the star of the show by breaching its previous all-time high, Bitcoin (BTC) dropped by 87%, which is just $8,100 today on Binance’s dedicated United States exchange, Binance.US.
The king coin’s one-minute BTC/USD pair candle went from $65,815 to $8,200 in the Binance.US exchange.
Bitcoin on the floor
The other exchanges recorded the floor of the exact minute at around $64,200. This dramatic fall in Binance.US in the one-minute candle is defined as “scam wick” by the traders.
A similar situation occurred previously, too, when Bitstamp witnessed freak order-book events. Despite one minute candle being unpopular, the investors intensively noticed the case, and the news spread like wildfire.
one-minute BTC/USD chart on Binance.US
Twitter user and famous trader Crypto Chase wrote about the incident as “Well done Binance U.S.” He further wrote, ‘Americans are forced on to these dogsh*t exchanges where they are completely scammed on unreasonable books. These types of things should not happen. It is completely unfair that some get stopped out, and some stay in; some get fills, and some don’t. “
Crypto Chase said that this implies the sudden erratic movement in BTC’s price on exchanges liquidating traders who should have retained their selected positions.
The situation seems ironic as Changpeg Zhao (CZ), the CEO Of the exchange giant himself, warned about the possible volatility on the way. Also, as TheCoinRise reported, Binance is under a huge regulatory pressure which is a big concern for the users.
On October 21, he tweeted,” Expect very high volatility in crypto over the next few months.”
Between this chaotic one-minute crash, concerns increased when leveraged traders were taking more risk than what they could bear.
Funding rates across different exchanges indicate tremendous optimism where traders go on taking long positions, which classically results in a correction motion.
Interestingly, the funding rates surged massively in hours after the BTC/USD pair breached its recent ATH and went straight up to $67,100.
Read More
All News
Floppypepe ($FPPE) is your ticket to the moon. Escape the ordinary and reach for lunar gains with this AI meme token. Secure your spot now before it's too late.
Join Now