Crypto exchange BinanceUS’ trading algorithm suffered a bug
The trading algorithm of Binance US crypto exchange faced a bug that caused a flash crash in Bitcoin & Ethereum prices. Right now the situation is under full control to avoid any kind of new problem.
On Thursday, Popular crypto exchange BinanceUS faced a big up-down in the price of Bitcoin & Ethereum. Because of the bug, the price of Bitcoin & Ethereum plunged by 90% & 80% respectively for a short time.
The whole incident was momentary, because after a big difference Bitcoin recovered by 7.4% after a few hours of recovery and hit an all-time high of $67,000.
Many experts believe that the bug in the Binance US was part of the big trading volume activities in a short interval of time, while some claimed that it was part of an engineering mistake by Binance US.
Binance US on this Bug
In an email conversation with BinanceUS, a news media website asked about this bug. BinanceUS replied through the email that the bug was encountered by one of the institutional trader clients of the exchange. And further added
“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”
Impact of Binance US flash Bitcoin crash
When the flash crash took place on the Binance exchange then, many other crypto exchanges faced a small downfall in the price.
If we look at the normal downfall at the price at all different exchanges of bitcoin then that was in the range between $65,500 to $64,200.
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