Bitcoin's Price Crashed 87% on a Major Exchange Thanks to a Bug

Bitcoin's Price Crashed 87% on a Major Exchange Thanks to a Bug

2 years ago
Anonymous $BH0TGXkyPe

https://www.vice.com/en_us/article/m7vqpv/bitcoins-price-crashed-87-on-a-major-exchange-thanks-to-a-bug

Bitcoin is on a tear, reaching an all time high price of $67,000 for 1 BTC on Wednesday, buoyed by a series of approvals for Bitcoin-tracking funds on the stock market. But on one major U.S. exchange, the price flash-crashed 87 percent to roughly $8,200 on Thursday due to a bug in a trading algorithm. 

The crash occurred during a massive sell-off on the Binance.US exchange that occurred around 7:42 a.m. ET, Bloomberg reported. Binance is the largest cryptocurrency exchange in the world, and its Binance.US exchange is meant to be compliant with U.S. regulations, although it is still banned in several states.