The price of Bitcoin in USDT stablecoin on the crypto exchange Binance.US, the American division of Binance International, briefly exceeded $138,000 – almost five times higher than the current rate of the largest cryptocurrency and twice as expensive as its all-time high. Bitcoin was founded in November 2020.

The sudden price spike took a few seconds, but 62.22 bitcoins were sold on the platform in that short time. In other words, some Binance.US traders actually executed a few “lucky” filled orders at inflated bitcoin prices and bids at current quotes and exchanged them for the cryptocurrency USDT priced at $1.

Such events are called flash crashes (“lightning crashes”) – as the name suggests, they are not accompanied by more growth, but rather a decrease in the exchange rate. One such scenario was observed on Binance.US in October 2021, when the price of Bitcoin briefly dropped 87% from $65,000 to $8,200. Platform management later attributed the incident to a bug in the trading algorithm.

The sale of bitcoin at an abnormally inflated price is now possible due to low liquidity by Binance.US, which arose due to a dispute with the American currency regulator and partner banks – due to the actions of the latter, the platform was forced. remove the nominal US dollar from trade. Cryptocurrency prices on Binance.US turned out to be higher than on other platforms, but slightly – within 3%.