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An Error in Binance Sends the Price of Bitcoin to $420,000: Here’s What Happened

An Error in Binance Sends the Price of Bitcoin to $420,000: Here’s What Happened

In an unexpected turn of events, the BTC/USDT futures trading pair on Binance experienced a sudden price spike, as reported by Colin Wu, a renowned Chinese journalist. The price of the BTC/USDT perpetual contract on Binance abruptly rose from approximately $42,000 to a staggering $420,000 multiple times in early trading today. 

Wu shared a Bitcoin price chart image showing a massive candle reaching a highs of $428,391. This incident is reminiscent of a similar issue that Binance encountered in September, which Changpeng “CZ” Zhao, the former CEO of Binance, attributed to a chart display problem. Binance acknowledged this on X (formerly Twitter), stating it was aware of a visual error with the chart display on USDT-margined BTC/USDT Futures.

Binance, the leading crypto exchange, reassured its users that trading was not impacted in any way and that their funds are SAFU (Safe As F***). The exchange also confirmed that its team was working diligently to resolve the issue as quickly as possible. In an updated statement, Binance announced that the problem had been resolved. 

Bitcoin Price Remains Stagnant Despite Massive Spike on Binance Futures

An Error in Binance Sends the Price of Bitcoin to $420,000: Here’s What Happened

At the time of writing, BTC was down 1.09% in the last 24 hours, trading at $42,477, according to data from CoinMarketCap. Bitcoin’s price has remained stagnant for the past fortnight, experiencing a slight dip of 0.6%. Despite this recent stagnation, it’s important to note that Bitcoin’s annual performance tells a different story, with a substantial increase of 156% over the year.

In an official statement, Binance has revealed its intention to broaden the array of trading possibilities available on Binance Futures. This broadening will encompass the addition of USDC-margined futures contracts to the platform. The launch of these perpetual contracts, which will be margined in USDC, is set for Bitcoin (BTC), along with ETH, BNB, SOL, and XRP. The launch is scheduled for 12:30 p.m. (UTC) on January 3, 2024, and will offer leverage of up to 125x.

To commemorate the introduction of USDC-margined futures contracts on the platform, Binance Futures will be offering a 10% promotional trading fee discount for all trades on USDC-margined futures contracts starting on Jan. 3, 2024, at 12:30 p.m. (UTC).

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