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Bitcoin (BTC) Pair Suddenly Jumps to $420,000 on Binance, What Happened?

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Fri, 29/12/2023 - 10:34
Bitcoin (BTC) Pair Suddenly Jumps to $420,000 on Binance, What Happened?
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Colin Wu, a Chinese journalist, reports an unexpected occurrence on the BTC/USDT futures trading pair on Binance, wherein the price spiked tenfold in multiple instances.

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According to Wu Blockchain, 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. He posted an image — a Bitcoin price chart — that depicted a massive candle that reached highs of $428,391.

Wu recalls that 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 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.

At the time of writing, BTC was down 1.09% in the last 24 hours to $42,477.

Binance to launch USDC-margined BTC perpetual contracts

In an official statement released yesterday, Binance stated 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 XRP starting on Jan. 3, 2024, at 12:30 p.m. (UTC), with up to 125x leverage.

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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).

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