Would you believe us if we told you that the price of Bitcoin briefly reached 82,000 USD? Find out here the details, was it real or was it a mistake?
While some enthusiastic market observers wait for the price of Bitcoin to exceed its historic high of nearly $20,000, some Binance traders saw the currency go to the moon. However it was lightning fast.
Bitcoin remains above $18,000 while Ethereum is above $500
How did the price of Bitcoin reach $82,000 at Binance?
According to the BTC/USDT chart on Binance, an extremely long fuse appeared at 1am ET on November 17. Bitcoin started its green candle at US$16,626, but then took off at US$82,000 and closed the 60 minute trip at US$16,635.
The rest of Bitcoin’s pairs against the US dollar Crypto Profit or its stable currency equivalents (USDC, BUSD, DAI, PAX and USDT) were unaffected. Trading volume during the rally also showed no anomalies. In fact, there was an increase in volume, but nothing out of the ordinary.
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Honestly? It is a mystery. Or at least it’s hard to know for sure. However, the volume of operations was relatively low during that time and no one went crazy about it. This all seems to point to some kind of mistake.
But, “human error” on the part of a trader would probably have activated a row of market orders before touching the $82,000 price mark for each Bitcoin. It would have taken a huge amount of money changing hands to reach that price organically, virtually exhausting the liquidity of the trading pair.
With that in mind, a Binance error is the most logical explanation apparently. In fact, similar errors have occurred in Binance before according to DeCrypt.
For example on October 28th 2020, a large “Darth Maul Sword” (a small candle with super large wicks) occurred in ETH/USD perpetual contracts. This event triggered transactions at specific prices without going through the standard order comparison procedures.
The possibilities are endless, but the truth is that it is a rather curious event, which we could see as an error or a “shooting star”.
What do you think about Bitcoin’s price reaching $82,000 because of an error? Let us know in the comment box.