Bitcoin price flash crashes to $8,200 on Binance.US in possible trading mishap

Oct 21, 2021 | The Block News | 0 comments

The price of bitcoin just suffered a flash crash, falling from $65,500 to as low as $8,200 on crypto exchange Binance.US. That’s an 88% drop that happened in a matter of seconds.

On other exchanges, the price fell but not by anywhere near as much. Generally, it dropped to around $64,200, with the price of ether also falling from $4,300 to $4,100.

The price of bitcoin briefly fell to $8,200. Source: Binance.US.

This could have been caused by what’s known as a fat finger error (where a trader accidentally enters the wrong price) or by a large market order instead of selling their position in blocks of trades. Alternatively it’s possible it could have been a deliberate trade to manipulate the market.

Following the crash, the price of bitcoin briefly recovered to around $65,000 before reversing back to $64,500 at press time. The price of ether has struggled to recover too and is trading around $4,170.

We have reached out to Binance.US and will update this story if we hear back.

For more breaking stories like this, make sure to follow The Block on Twitter. H/T to @str8edgeracer for pointing this story out.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

News Source from TheBlockCrypto.com

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