Recently something very strange happened with BTC, or rather an anomaly. On Binance it appeared briefly that the price of Bitcoin was $ 82,000 and it seems like a mistake. But was it?
As some keen market watchers wait for Bitcoin’s price to break through its all-time high of nearly $ 20,000, some Binance traders watched the coin go to the moon. Yet it was lightning.
How did the price of Bitcoin hit $ 82,000 on Binance?
According to the BTC / USDT chart on Binance, an extremely long wick appeared at 1am ET on November 17. Bitcoin started its green candle at $ 16,626, but then took off at $ 82,000 and closed the 60-minute journey at $ 16,635.
The rest of the Bitcoin pairs against the US dollar or their stablecoin equivalents (USDC, BUSD, DAI, PAX and USDT) were not affected. The trading volume during the rally also showed no anomalies. In fact, there was an increase in volume, but nothing out of the ordinary.
Honestly? It’s a mystery. Or at least it’s hard to know for sure. However, the trading volume was relatively low during that time and no one went crazy about it. All of this seems to point to some kind of error.
But, a ‘human error’ on the part of a trader would have likely triggered a market order row before hitting the $ 82,000 price mark for each Bitcoin. It would have taken an enormous amount of money changing hands to organically reach that price, practically depleting the liquidity of the trading pair.
With that in mind, a Binance bug is the most logical explanation, apparently. In fact, similar bugs have happened on Binance before according to DeCrypt.
For example, on October 28, 2020, a large ‘Darth Maul Sword’ (a small candle with super large wicks) was produced on the ETH / USD perpetual contracts. This event triggered trades at specific prices bypassing 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 that the price of Bitcoin reached 82,000 USD because of a mistake? Let us know in the comment box.