Bitcoin (BTC) Pair Suddenly Jumps to $420,000 on Binance, What Happened?
Unexpected Occurrence on BTC/USDT Pair on Binance
Colin Wu, a Chinese journalist, reports an unexpected occurrence on the BTC/USDT pair on Binance, wherein the price spiked tenfold in multiple instances.
Price Spike and Chart Display Issue
The price of the BTC/USDT perpetual contract on Binance suddenly rose from around $42,000 to $420,000 several times in early trading today. An image — a price chart — depicted a massive candle that reached highs of $428,391.
Binance had previously experienced a similar issue in September, which former Binance CEO Changpeng “CZ” Zhao attributed to a problem with the chart display.
Binance’s Response and Reassurance
Binance issued a statement regarding this on X (formerly Twitter), stating it was aware of a visual error with the chart display on USDT-margined BTC/USDT Futures. The top crypto exchange reassured users, stating that trading is not impacted in any way and funds are SAFU. Binance also reassured users that its team was working on resolving the issue as soon as possible.
Current Status and Binance’s Future Plans
At the time of writing, BTC was down 1.09% in the last 24 hours to $42,477. Binance also announced that it will be expanding the list of trading choices offered on Binance Futures with the introduction of USDC-margined futures contracts on the platform. Early next year, Binance will be launching the USDC-margined perpetual contracts for Bitcoin (BTC) as well as for ETH, BNB, SOL and more, starting on Jan. 3, 2024, at 12:30 p.m. (UTC), with up to 125x leverage.
Celebration and Promotional Trading Fee Discount
To celebrate the introduction of USDC-margined futures contracts on the platform, Binance Futures will be extending a 10% promotional trading fee discount for all trades on USDC-margined futures contracts on Jan. 3, 2024, at 12:30 p.m. (UTC).
This article was originally published on U.Today
