Bitcoin Price Flash Crashed 87% to $8200 on Binance US
After yesterday’s new all-time high at $67,000, bitcoin corrected today with a steep decline to below $64,000. On some exchanges, though, the crash was significantly more violent as BTC dropped as low as $54,000 on Kraken and to four digits on Binance.US.
- October 20th was a historic day for the primary cryptocurrency as it finally skyrocketed above its previous all-time high and peaked at $67,000. It happened on the wings of the recently approved Bitcoin Futures ETF in the US.
- After a brief correction hours later, BTC was closing down on its new record earlier today, when the situation rapidly changed.
- In a matter of minutes, bitcoin went from $66,700 to $63,600 on most exchanges (including Bitstamp).
- On others, though, such as Kraken and FTX, the price decline was significantly more severe.
- In an apparent flash crash event, meaning the price of the asset dumped by a large percentage and spiked back up immediately, BTC went to a low of $58,500 on FTX.
- On the veteran US trading venue, Kraken, bitcoin dumped all the way down to $54,100 before recovering to its current level of roughly $65,000.
- However, none had it worse than Binance.US. The American branch of the largest crypto exchange saw BTC nosediving to $8,200 – a massive 87% drop in a matter of seconds.
- Overall, the entire market retraced in a matter of minutes. Ethereum was closing down on its own ATH at $4,400 before losing more than $200.
- Somewhat expectedly, the enhanced volatility in a short period of time caused pain for overleveraged traders. Data from Bybt shows that the liquidations have jumped to $500 million on a 24-hour scale.
- The largest single BTC liquidation order occurred on Bitmex and was worth $10 million.
