Binance CEO Issues Serious Crypto Price Warning As Sudden Bitcoin Flash Crash Knocks Ethereum And Wider Market

Bitcoin tumbled to nearly 90 percent of major US cryptocurrency exchange Binance today after hitting an unprecedented high this week, but soon returned.

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The Binance.US bitcoin price has temporarily dropped to less than $10,000 per bitcoin, almost 90% lower than around $65,000, which is higher than bitcoin prices on other exchanges. The sudden collapse has also taken the wind from the soaring price of Ethereum.

The Bitcoin flash crash blamed institutional fraud algorithms as the Binance CEO warned crypto traders that they should be on the lookout for “very high volatility” in the coming months. have occurred.

“We expect cryptocurrencies to be very volatile in the coming months,” said Changpeng Zhao, CEO of Binance. twitter, Binance.US Just before the Bitcoin price crash.

The flash crash occurred just after 7:30 am New York time, with the price of Bitcoin dropping to $8,200 on the exchange. The crash had a major impact on other exchanges, with the price of Bitcoin dropping by around $1,000 on Coinbase. The price of Ethereum also dropped, losing about $2,000 from just over $4,000 for Ethereum. At the time, Binance.US’ Bitcoin trading volume was around $40 million.

“One of our institutional investors pointed out to us that there was a bug in the trading algorithm that appeared to be sold out,” said Binance.US. Bloomberg by mail. “We’re still investigating the incident, but we’re hearing from the dealer that the bug has been fixed and the issue appears to have been resolved.”

Bitcoin price has skyrocketed this week. It warned that a sell-off was inevitable, in part because the first US Bitcoin Trading Fund (ETF) was listed on the New York Stock Exchange.

The “historical” list gives Bitcoin and crypto sound waves. Bull investors are betting that Wall Street money will continue to flow into crypto markets after around $700 billion last month.

CZ Binance is not the only warning of potential extreme instability. The Federal Reserve Board has warned that major measures to stimulate the Covid-19 pandemic could soon wear off.

“I’m a little concerned that this beautiful and volatile world we live in can go up and down with high volatility,” said the former CEO of Pimco and Allianz Advisors. said Muhammad Elerian. Fox News Weekend.

“If I were an investor, I would know the Federal Reserve put out a huge surge of liquidity, but I remember waves tend to break at some point, so be careful. I’ll pay,” El Elian said.