cryptoknowmics.com
The price of Bitcoin suffered a fall to the level of $8,200 on Binance.US crypto exchange and the exchange has recently blamed a flash crash tied to a bug in the trading software. As a result of the drastic fall, the bug triggered a loss of about 88% from the current price of BTC, which is a significant slip from the current all-time high of BTC.
Binance.US Shows BTC Price at $8,200, Blames Flash Crash
Binance.US addressed the situation and said:
"One of our institutional traders indicated to us that they had a bug in their trading algorithm.”
In addition to this, it should be noted that the crypto exchange has already solved the issue and released a statement confirming the same, that said:
"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."
It has been revealed that the trading firms have systems in place to avoid this kind of issue, and at times when a lot of money is lost in a trade, or when the price is really far from the ATH, those systems lockdown.
Official Website on the Recent Crash
In accordance with the revelations made by the firm on its official website:
"If a Market or Limit Order would fill against Orders beyond the PPP, the Order will partially fill up to the PPP level and the matching engine will cancel all remaining portions of the Order."
This crash led to lay an effect on the price of BTC across the market and as witnessed on some exchanges, the price fell from $65,500 to $64,000.
On FTX.US, the leading cryptocurrency fell to the mark of $51,410, whereas, Bitcoin did not show any such movement on the Coinbase crypto exchange.