While Bitcoin was trading at $ 12,000 in the spot market in the morning, Binance futures platform Binance Futures created a candle wick that extended to $ 100,000.
In Binance’s futures platform Binance Futures, Bitcoin price reached an extraordinary figure of 100 thousand dollars in a very short time. According to the statement made by Binance, a single user entered a large number of orders in a very short time in BTCUSD 0925 Quarterly Contract today at 07.48 and this created a large candle wick up to $ 99 thousand 964.
At the time of the event, Bitcoin broke $ 12,000 in the spot market and outstripped $ 12,100.
Binance CEO Changpeng Zhao said in his first statement: “Another day in crypto. We have price band protection, but a user’s algorithm is out of control and caused such a thing in the chart with a large number of orders. We will have to adjust this chart a bit to make it readable in the future. ” used expressions.
Binance has announced a correction to the BTCUSD 0925 Quarterly Futures contract, taking into account feedback from users and future trading experience in futures. Some time after this announcement, the graphic was corrected.
The stock exchange also reported that the candle wick and other excessive price movements, which extended to $ 99 thousand 964, did not cause any liquidation in user positions. In addition, Binance would like to remind its users that they must fully understand the design and price fluctuation mechanism of Binance products before trading in order to avoid recurrence of this event and unnecessary losses. ” The statement said.
Bitcoin, which rose above 12 thousand dollars in the morning hours, was pulled up to 10 thousand 500 dollars after sales. Meanwhile, traders playing the rise of Bitcoin were liquidated positions with a total size of $ 1.4 billion. Leading crypto money finds buyers at $ 11,111 in the minutes when the news goes live.