Earlier Thursday, Bitcoin (BTC) flash crashed to $8,000 on Binance U.S., the American trading platform of the world’s top crypto exchange Binance.
According to Binance U.S. market data, the Bitcoin to the U.S. dollar trading pair on Binance U.S. flash crashed within a minute from $65,815 to $8,200. This translates to a drop of 87 percent for the world’s top cryptocurrency on the exchange according to cited market data.
Popular Twitter trader Crypto Chase said “well done Binance U.S.” and sarcastically commented that it’s a “good thing Americans are forced on to these dogs**t exchanges where they can get completely scammed on unreasonably thin books.”
He was referring to the stringent regulation that forced most cryptocurrency exchanges to deploy separate trading platforms for U.S. customers only. Consequently, American crypto traders tend to operate on less liquid cryptocurrency exchanges.
After the flash crash, Bitcoin’s level on Binance U.S. “almost immediately snapped back to where it had been,” according to a Bloomberg report.
Despite this incident, crypto industry experts keep speculating about where Bitcoin’s price is headed next with some suggesting it will soon hit $80,000. This past Friday, Bloomberg reported Bitcoin was headed for $80,000 to $85,000, while a crypto data expert said resistance at $60,000 would have provided the last buying opportunity before the coin would head for new all-time highs.
Last but not least, Galaxy Digital Holdings Ltd CEO Mike Novogratz also recently said he expects Bitcoin and the crypto market as a whole to pull off another “parabolic move.”
According to CoinMarketCap data, Bitcoin is trading at $63,559.44 as of Thursday afternoon after seeing its price fall by about 4.74 percent over the last 24 hours.
By Adrian Zmudzinski
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