After reaching an all-time high this week, the price of Bitcoin is down 5.5% in the last 24 hours.
But traders on Binance US watched this morning as the price of the asset plunged quite a bit further: 87%. The American affiliate of the leading international cryptocurrency exchange now says the flash crash was caused by an error in a trading algorithm.
Though Bitcoin is trading for over $60,000 on every major exchange, it reached the $8,200 mark on Binance US before quickly heading back to the „right” price.
“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,” Binance US said in a statement shared with Bloomberg. “We are continuing to look into the event, but understand from the trader that they have now fixed their bug and that the issue appears to have been resolved.”
Binance US trading this morning. Image: Binance US
Flash crashes are nothing new to the worlds of traditional and crypto fi
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