The fall of Bitcoin 87% to approximately $8,000 in US cryptocurrency Binance

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On the Binance US market, the bitcoin price fell 87% earlier Thursday, dropping from about $ 65,000 to $ 8,200. In other markets, prices did not work as expected, and on Binance, the level immediately returned to its previous level. Binance.US said in a statement, “One of our institutional traders informed us that there was a glitch in their trading algorithm that caused them to sell, and the problem appears to have been resolved.” According to Binance.

As with finance, traders always make mistakes when, for example, they enter the wrong price or order amount for the desired trade. For example, unreasonably large trades can overwhelm the exchange’s order book, which can lead to a rapid and significant drop.

In May 2010, the entire US stock market crashed, but since then, most stocks have escaped trouble. This is the latest in a series of known problems related to cryptocurrency trading. Synthesis, a new blockchain-based exchange, ceased operations earlier this month. Shortly after launch, erroneous data from the Pyth Network led to price reviews of some of the world’s most prominent trading institutions and exchanges.

A chart that tracks price movement patterns and portrays it as a scam. “Bravo Binance US” reported @Crypto Chase account with over 55,000 subscribers.

Cryptocurrencies can differ from exchange to exchange due to differences in supply between large and small platforms. Also, according to CNBC, there is no standard way to price bitcoins.

It is very difficult for the market to value Bitcoin and other cryptocurrencies, as opposed to stocks, which are of great interest to investors.