Investors witnessed a tragic collapse in the price of Bitcoin (BTC) last night, dropping to $ 8,100 from a value level of $ 65,815 only on the crypto trading exchange, Binance.US.
The sudden decline swallowed the BTC/USD price collapse of up to 87% overnight based on the 1-minute candlestick chart, before recovering and re-trading at the previous price.
At the time of writing, the BTC/USD price on the Binance.US platform is back to normal, trading at $ 63,249.
In general, the incident did not affect other crypto exchanges although the BTC price has undeniably declined slightly since last night to a level of around $ 64,200.
This incident has become more frequent in recent times and investors call it a "scam wick". Some even described the incident as deliberately done to manipulate the market.
Meanwhile, a Binance.US spokesperson explained that there was a bug attack on their trading algorithm that caused a massive sale yesterday. The matter was personally informed by one of their institutional investors:
"It is understood from the investors that they have handled the bug and the issue has been resolved."
Binance.US was launched at the end of 2019 as a branch of Binance. Its establishment aims to avoid legal pressure in the United States (US).
