22.10.202110:49 विदेशी मुद्रा विश्लेषण और समीक्षा: Bitcoin plummeted to $ 8,200 on the Binance trading platform

Exchange Rates 22.10.2021 analysis

Bitcoin fell 87% to $ 8,200 on Thursday morning, but only on the Binance US trading platform. On other sites, the cryptocurrency did nothing of the kind.

Binance explained that one of its institutional traders encountered a bug in their trading algorithm, and this is what caused the sell-off. "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 company said.

The trading volume on the exchange at that moment was 592.8 bitcoins, which at current prevailing prices is only $ 40 million.

Such mistakes occur in the financial area when traders misrepresent the details of their intended trades by entering the wrong price or order size. For example, an erroneously large trade can overwhelm the exchange's order book, leading to a rapid and massive drop.

The entire US stock market crashed in May 2010, although stock problems have largely been avoided since then.

*यहां पर लिखा गया बाजार विश्लेषण आपकी जागरूकता बढ़ाने के लिए किया है, लेकिन व्यापार करने के लिए निर्देश देने के लिए नहीं |

Andrey Shevchenko,
InstaForex के विश्लेषणात्मक विशेषज्ञ
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