{"id":355982,"date":"2021-10-21T16:21:55","date_gmt":"2021-10-21T13:21:55","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-price-flash-crashes-by-87-to-8k-on-binance-us\/"},"modified":"2021-10-21T16:21:55","modified_gmt":"2021-10-21T13:21:55","slug":"bitcoin-price-flash-crashes-by-87-to-8k-on-binance-us","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-flash-crashes-by-87-to-8k-on-binance-us\/","title":{"rendered":"# Bitcoin price flash crashes by 87% to $8K on Binance.US"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a35fd4428852\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a35fd4428852\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-flash-crashes-by-87-to-8k-on-binance-us\/#%E2%80%9CShouldnt_be_happening%E2%80%9D\" >\u201cShouldn\u2019t be happening\u201d<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-flash-crashes-by-87-to-8k-on-binance-us\/#Leverage_builds_in_overly_long_market\" >Leverage builds in overly long market<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin price flash crashes by 87% to $8K on Binance.US <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) crashed to just $8,100 on Oct. 21 \u2014 but only if you were trading on Binance\u2019s dedicated United States exchange, Binance.US.<\/p>\n<p>On Oct. 21, Binance.US suddenly <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">printed<\/a> a one-minute candle that took BTC\/USD from $65,815 to $8,200 \u2014 a drop of 87%.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%9CShouldnt_be_happening%E2%80%9D\"><\/span>\u201cShouldn\u2019t be happening\u201d<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In what traders call a \u201cscam wick,\u201d the one-minute BTC\/USD differed dramatically from other major exchanges, which logged a one-minute candle with a floor of around $64,200.<\/p>\n<p>The phenomenon has occurred more frequently in recent days, with Bitstamp also seeing freak order-book events.<\/p>\n<p>The scope of the Binance.US error, however, was in a league of its own and did not go unnoticed by market participants.<\/p>\n<p>\u201cWell done Binance U.S.,\u201d popular <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> trader Crypto Chase <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Crypto_Chase\/status\/1451154913162108930\">summarized<\/a>.<\/p>\n<blockquote><p>\u201cGood thing Americans are forced on to these dogshit exchanges where they can get completely scammed on unreasonably thin books. This type of shit just shouldn\u2019t be h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ening. It\u2019s not fair that some get stopped out and some stay in, some get fills and some don\u2019t.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-10\/dcd30daa-2275-4597-b957-bd44250bd3dd.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Binance). Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Crypto Chase referred to the implications of sudden erratic price movements on exchanges, these serving to liquidate traders who should have retained their positions.<\/p>\n<p>The debacle was tinged with irony, coming just as Binance CEO Changpeng Zhao, also known as CZ, warned about incoming volatility.<\/p>\n<p>\u201cExpect very high volatility in crypto over the next few months,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cz_binance\/status\/1451154457002225667\">tweeted<\/a> on Oct. 21.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Leverage_builds_in_overly_long_market\"><\/span>Leverage builds in overly long market<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Meanwhile, concerns were also mounting on Oct. 21 that leveraged traders have taken on more risk than they can chew.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin futures ETF hits $1B AUM in a record-breaking two days<\/em><\/strong><\/p>\n<p>A look at funding rates across exchanges hints at excessive optimism, with traders going long on BTC en masse \u2014 a classic indicator of a correction.<\/p>\n<p>Funding rates increased significantly in the hours after BTC\/USD passed its recent all-time high and went on to hit $67,100.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-10\/13c112cd-7197-4307-8d4f-10126f9b7bb5.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin funding rates chart. Source: Bybt<\/em><\/figcaption><\/figure>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-flash-crashes-by-87-to-8k-on-binance-us\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin price flash crashes by 87% to $8K on Binance.US &#8221; Bitcoin (BTC) crashed to just $8,100 on Oct. 21 \u2014 but only if you were trading on Binance\u2019s dedicated United States exchange, Binance.US. On Oct. 21, Binance.US suddenly printed a one-minute candle that took BTC\/USD from $65,815 to $8,200 \u2014 a drop of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":355983,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTAvNjZiYjQ0MzMtOTkwYS00NDcxLWFiMDgtZmJmMGI0OTE1NWUxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75014,74862,74937,73785],"class_list":["post-355982","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/355982","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=355982"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/355982\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/355983"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=355982"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=355982"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=355982"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}