A technical error occurred on Binance’s US platform on Thursday, which at one point showed that the price of Bitcoin had plummeted by 87%, to about $8,000. At that time, the actual transaction price of Bitcoin was approximately $65,815, but the price displayed on the Binance US website was $8,200. Binance responded by saying:
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“One of our institutional traders told us that there was a loophole in their trading algorithm, which seemed to be the cause of the sell-off. We are continuing to investigate the matter, but learned from the trader that they have now fixed the loopholes. The problem seems to have been resolved.”
However, some cryptocurrency traders did not buy it, and posted screenshots of Binance’s US Bitcoin Candlestick (a chart that tracks Bitcoin price movement patterns) on social media, calling it a scam.
The Twitter account @Crypto_Chase, which has more than 55,000 followers, said: “Binance America, a good method.” The account also said that Americans were forced to use bad trading platforms, where they “may be completely deceived by unreasonable thin books. “.
This is not the first time that Bitcoin has “been” plummeted. A month ago, a similar error occurred on a platform called Pyth. It was once shown that Bitcoin had plummeted by about 90%.
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