The Bitcoin price has just undergone a flash crash, dropping from $65,500 to just $8,200 on crypto exchange Binance.US.
Huge drop in seconds
Bitcoin’s price has just undergone a flash crash, dropping from $65,500 to just $8,200 on crypto exchange Binance.US. This equates to an 88% drop that happened within seconds.
On other exchanges, the price dropped, but not nearly as much. Overall, it dropped to around USD 64,200, while the price of Ethereum also fell from USD 4,300 to USD 4,100.
The flash crash may have been caused by what’s known as a “fat finger flaw.” This means that a rich trader accidentally entered the wrong price.
After the crash, bitcoin price briefly recovered to around $65,000. At the time of writing, however, the price has fallen back to $63,600. The price of Ethereum is also struggling to recover and is now trading around USD 4,170.