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Bitcoin retreats from ATH after Binance bug crash

By Mensholong Lepcha

03:34, 22 October 2021

An illustration of Bitcoin
An illustration of Bitcoin - Photo: Shutterstock

Bitcoin retreated from all-time highs to trade below $63,000 on Friday morning in Asia after bitcoin prices briefly crashed over 87% on cryptocurrency exchange Binance’s US exchange.

The sudden plunge occurred only on Binance’s US exchange at 12.34 London time on Thursday with bitcoin prices trading normally on other cryptocurrency exchange platforms.

“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,” said Binance US in an emailed statement seen by Bloomberg.

Chart indicating bitcoin briefly crashed over 87% on Binance’s US exchangeBitcoin briefly crashed over 87% on Binance’s US exchange - Credit: Tradingview

VanEck to launch BTC ETF next

On Friday, Bitcoin prices were 3.3% lower over the past 24-hours at $62,753 in early Asia trade. Bitcoin’s new all-time high stood at $67,276.79 reached a day ago, according to CoinGecko.

The bellwether cryptocurrency surged over the week on exuberance from recent bitcoin exchange-traded fund (ETF) launch approval in the US which lifted investor confidence for cryptocurrencies.

A 20 October filing with the US Securities and Exchange Commission showed VanEck ETF Trust could be next in line to launch a bitcoin ETF as early as this week after ProShares debuted its bitcoin ETF earlier.

ProShares Bitcoin Strategy ETF fastest to $1bn

The ProShares Bitcoin Strategy ETF broke an 18-year record held by the first gold ETF launched in 2004 to reach $1bn asset under management in the fastest time, said Eric Balchunas, senior ETF analyst at Bloomberg in a tweet.

XRP/USD

0.50 Price
+13.640% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

ETH/USD

3,085.06 Price
+5.760% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

US100

18,006.40 Price
-1.660% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 21:00 (UTC)
Spread 7.0

BTC/USD

64,374.30 Price
+3.820% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

“#Gold was the monetary index of the 19th century until it was replaced by an array of regional stock indexes in the 20th century. #Bitcoin will be the primary monetary index of the 21st century,” tweeted Michael Saylor, founder and CEO of Microstrategy, in response.

Meanwhile, Gabor Gurbacs, director at VanEck tweeted: “The greatest generational wealth transfer ($68 Trillion) is underway. The greatest generation, silent gen. and Baby boomers are expected to transfer $68 Trillion to GenX, Millenials & GenZ. The younger generations believe in themes such as Bitcoin, video games and digital assets.”

Solana overtakes Ripple

Among alt-coins, No 2 cryptocurrency ether slid 1.9% to hover above $4,100 after hitting an all-time high of $4,361.18, according to CoinGecko.

Solana was the only non-stable coin among the top 10 to trade in the green on Friday morning in early Asia trade. Solana was up 8% to $199.78, overtaking Ripple to become the sixth-largest cryptocurrency with a market capitalisation of nearly $60bn, as of Friday morning.

Binance Coin fell 4.3% to $476.95 and Cardano lost 2.4% to $2.17 on Friday morning in early Asia trade.

Read more: Ether briefly breaks record, then retreats

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