Bitcoin briefly crashed 87% to around $ 8,000 on Binance’s U.S. crypto trading platform

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Bitcoin. Nurphoto

Bitcoin fell to $ 8,200 on Binance’s U.S. platform, Cointelegraph first reported.

The cryptocurrency’s brief dip was an 87% drop from $ 65,815.

Binance CEO tweeted: “Expect very high volatility in #crypto over the next few months.”

Bitcoin briefly fell to around $ 8,000 on Thursday – but only on the Binance US trading platform.

The coin was trading around $ 65,000 when Binance US released a candle that showed the price had come down to around $ 8,000, Cointelegraph first reported, adding that the coin’s one-minute candle floor on other crypto platforms was around $ 64,000.

In an email to Insider, the company said, “One of our institutional traders told us he had a bug in his trading algorithm, which appears to have caused the sell-off. We are continuing to review it. ‘event, but understand from the merchant that they have now fixed their bug and the issue appears to have been resolved. “

On Twitter, CEO Changpeng Zhao said “he expects very high volatility in #crypto in the coming months.”

Discussions around the decline took place on Twitter, with crypto traders posting photos of Binance US’s bitcoin candlestick chart, a chart that tracks price movement trends, and calling it a scam.

The @Crypto_Chase account, which has over 55,000 subscribers, said, “Well done Binance US.” The account added that Americans have been forced to use mediocre exchanges where they “can get completely ripped off on unreasonably thin pounds.”

CNBC previously reported that the price of bitcoin and other cryptocurrencies may vary from exchange to exchange due to the difference in supply between large platforms and small platforms. On top of that, there is no fixed way to price bitcoin, CNBC said.

The valuation of bitcoin, along with other cryptocurrencies, has remained a challenge for the markets. Compared to stocks, where investors have many standardized methods of valuing companies, such as price-to-earnings ratios, methods for cryptocurrencies are not yet as structured or well-known, Insider previously reported.

Bitcoin has traded at record highs this week amid investor hype over the regulator’s approval for the first bitcoin-linked exchange-traded fund. On Wednesday, the cryptocurrency hit an intraday high of $ 66,976.

Read the original article on Business Insider

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