The US branch of the leading cryptocurrency exchange explained that yesterday’s severe flash crash that saw BTC’s price dumping from $65,000 to $8,700 in mere seconds was because of a bug in the trading algorithm.
CryptoPotato reported yesterday when the price of bitcoin nosedived from its near all-time high level to below $10,000 on Binance US.
Other trading platforms, such as Kraken and FTX, also saw flash crashes as BTC dropped more on those two exchanges than it did in reality.
Although these flash crash events do occur from time to time, an 87% drop (the one on Binance US) is something that caught the attention of the public.
The company decided to explain what happened in a letter shared with Bloomberg. It reads that the problem came from an algorithm bug.
“One of our institutional traders indicated to us that they had a bug in their trading algorithm, which appears to have caused the sell-off. We are continuing to look into the event but understand from the trader that t
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