Bitcoin Price Plunge on Binance Due to API Glitch
On Friday, the price of Bitcoin (BTC) on Binance experienced a sudden drop from $27,000 to $2,700, causing alarm among crypto traders. The glitch was attributed to an issue with Binance’s API, which affected the display of Bitcoin futures Kline (chart). However, Binance CEO Changpeng Zhao assured users that trading was not affected and that the team was working to fix the problem.
Binance Faces Criticism and Concerns
Some community members expressed their frustration and complained about facing liquidation as a result of the price drop. Zhao reiterated that it was only a display issue and reassured traders that their trades were unaffected. However, there were concerns about panic exits from trades due to the incorrect price display.
Humor Amidst Uncertainty
The glitch prompted some humor in the crypto community, with jokes suggesting that Binance was predicting the future price-action of Bitcoin. Meanwhile, traders awaited the impact of around 118,000 Bitcoin options expiring later in the day, with contracts worth $3.2 billion.
Hot Take: Binance Recovers from Price Glitch
Binance experienced a temporary setback when its API glitch caused a drastic drop in Bitcoin’s price. However, the exchange swiftly addressed the issue and assured users that their trades were not affected. While concerns were raised about panic exits and liquidations, Binance clarified that it was only a display problem. As traders eagerly awaited the expiration of Bitcoin options contracts, humor emerged amidst uncertainty. The incident serves as a reminder of the potential risks associated with technical glitches in cryptocurrency trading platforms.
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