@$63174.74 Binance Blames Trading Algorithm Bug for Bitcoin Flash Crash
Hours after Bitcoin’s flash crash to $8,200 on Thursday, Binance officially confirmed that the incident happened because of a bug in the trading algorithm of one of its clients.
“One of our institutional traders indicated to us that they had a bug in their trading algorithm, which appears to have caused the sell-off,” the exchange wrote in an email to many media houses.
“We are continuing to look into the event, but understand from the trader that they have now fixed their bug and that the issue appears to have been resolved.”
The flash crash happened on Binance’s US affiliate, Binance.US, precisely at 7.34 am New York time, according to the exchange. The effects of the plunge were seen on other crypto exchanges as Bitcoin price on rival Kraken sank to $54,000 momentarily before recovering quickly.
In the overall market too, the price of Bitcoin stepped back from its record high of above $66,000, settling between $62,000 and $63,000.
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