Bitcoin briefly crashed 87% to about $8,000 on Binance's US crypto trading platform

Bitcoin. Photo only
Bitcoin crashed to $ 8,200 on Binance's US platform, Coin Telegraph reported for the first time.
The brief drop in cryptocurrency was an 87% drop from $ 65,815.
Binance CEO tweeted: "Expect very high volatility in #Crypto in the next few months".
Bitcoin briefly slumped to around $ 8,000 on Thursday - but only on the US trading platform Binance.
The coin was trading at around $ 65,000 when Binance released a candle that showed the price dropped to around $ 8,000, Coin Telegraph first reported, noting that the one-minute candle bottom of the coin was around $ 64,000 on other crypto platforms .
Binance was not available to comment on the story. But on Twitter, Chief Executive Officer Changpeng Zhao said that "#crypto is expected to have very high volatility in the next few months".
Discussions about the occurrence were trending on Twitter, with crypto traders posting photos of Binance's Bitcoin candlestick chart, a chart that tracks patterns in price movement, calling it a scam.
The @Crypto_Chase account, which has more than 55,000 followers, said "well done Binance US" complaining that Americans are being forced to take advantage of poor exchanges where they "can be completely scammed with inappropriately thin books."
As CNBC previously reported, the price of Bitcoin and other cryptocurrencies can vary from exchange to exchange, as the difference in supply on large platforms to small platforms can affect the price. In addition, there is no fixed way to value Bitcoin, CNBC said.
The valuation of Bitcoin, along with other cryptocurrencies, remains a challenge for the markets. Compared to stocks, where investors have many standardized options for valuing companies, such as the price-earnings ratio, the methods for cryptocurrencies are not nearly as structured or well-known, Insider previously reported.
Bitcoin was trading at all-time highs this week as investors rushed for regulatory approval for the very first Bitcoin-linked exchange-traded fund. On Wednesday, the cryptocurrency hit an intraday high of $ 66,976.
Read the original article on Business Insider
In this article:
BTC-USD
-4.86%
BNB-USD
-5.10%

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