Who Wants Bitcoin For $680? A Sudden Flash Crash On Binance USDS Market Sank BTC Price
The largest cryptocurrency, Bitcoin, went through a sudden flash crash on the world’s most popular platform, Binance. The price lost a tremendous chunk of its value, going down to as low as $680 in an instant. It happened with the BTC/USDS trading pair, and it allowed those who had placed low orders to have them filled during the recovery, which came just as quickly.
Bitcoin At $680 In A Flash Crash
Volatility in the cryptocurrency market is not something unexpected. Just on the contrary – it’s what traders associated it with. However, flash crashes are events that come out of the ordinary because of the speed of the move.
A few hours ago, Bitcoin went through an event of the kind, as its price crashed down to $680 when trading against the USDS stable coin. In other words, BTC lost upwards of 90% of its Dollar-value in an instant, recovering it just as quickly.
Interestingly enough, the last time Bitcoin was trading at $680, was back in 2016 and Binance didn’t even exist.
In any case, the flash crash may have also benefited all those who had placed orders and filled them up during the recovery.
At the time of this writing, the company hasn’t made an official statement about the happening.
Previous Flash Crashes
The latest event is undoubtedly one to be noted, but it’s not the first one. WAVES went through a similar flash crash on Binance earlier this year, losing 99.9% of its value and being reduced down to 10 SAT in seconds.
It’s worth noting that other exchanges have also gone through similar issues. In April, Bitcoin lost $1,000 in a sudden crash on Kraken.
As other examples show, every cryptocurrency can be affected by a flash crash. Ethereum lost 20% of its value against Bitcoin on Poloniex in a manner of seconds, dropping from 0.0211 to 0.0170. As with any other case, the price recovered almost immediately, and those who had placed low buying orders might have benefited from the whole ordeal.