HomeCryptoBitcoinBinance: bitcoin crashes down to 1,800 BUSD

Binance: bitcoin crashes down to 1,800 BUSD

Yesterday’s bitcoin crash had an anomalous consequence on Binance, to say the least. 

In fact, for some days now, the well-known exchange allows trading BTC with BUSD, which is the stablecoin created by Binance itself and anchored to the value of the US dollar

However, precisely because it was introduced recently, the trading volumes are very low, and trading pairs like BTC/BUSD still have poor liquidity. 

Because of these conditions, last night at 9 PM (GMT+2) the crash of the bitcoin value had crazy repercussions on the BTC/BUSD trading pair

Considering that 1 BUSD has more or less the same value as 1 US dollar (USD), at 9:08 PM (GMT+2) the price of bitcoin fell to 1,800 BUSDs. 

The crash only lasted one minute, because at 9:07 PM (GMT+2) the minimum value was 8,655 BUSD, while at 9:09 PM (GMT+2) it had already recovered to 8,627 BUSD. 

Even more curious is that the trading volume in that single minute for the BTC/BUSD pair was not abnormal compared for example to the volumes of the previous minutes. It was probably a temporary liquidity problem. 

However, the volumes on the pair are still very low, because over the last 24 hours, for example, only $600,000 have been traded. 

What is certain though, is that last night someone was able to buy BTC on Binance for only 1,800 BUSD, which they could then resell just a few minutes later at more than 8,600 BUSD. 

It was a very small amount, but the trade took place. This also means that someone sold, probably by mistake, BTC at 1,800 BUSD. 

Low liquidity markets can be easily subject to oscillations of this type, although there are very rare events, especially on platforms that usually have good liquidity like Binance. 

Marco Cavicchioli
Marco Cavicchioli
Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".