Yesterday, the price of Bitcoin dropped around 87% in a matter of seconds on Binance's US exchange.
The coin had been trading around $65,000 when suddenly Binance’s one-minute BTC/USD chart differed from other major exchanges and printed a one-minute candle that took Bitcoin from $65,815 to around $8,000, a major drop of 87%.
Caused by bug
Binance.US blamed the flash crash on a bug that got tied into the trading software of one of its clients. "One of our institutional traders indicated to us that they had a bug in their trading algorithm," a spokesperson for Binance.US claimed. “We are continuing to look into the event but understand from the trader that they have now fixed their bug and that the issue appears to have been resolved,” they went on to say.
Not the only platform effected
Kraken users also noticed a flash crash yesterday, which caused Bitcoin to drop to $54,000 before recovering quickly. Many Bitcoin traders rushed to social media to talk about the sudden crash, with some reporting losses due to the technical issues on the platform.
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