Highly volatile cryptocurrencies like Bitcoin, Ethereum, and other altcoins can behave irrationally at any given moment, especially when turbulence strikes. But what happened this morning on the US branch of Binance, was shocking for even those who have seen flash crashes happen in real time. The result of a massive wick left on the BTCUSD chart was a violent trip to $8,000 where coins were potentially exchanged for prices that are currently 87% lower than where Bitcoin is trading at right now. Here is a closer look at what went down, and what might have happened as a result. Flash Crash On Binance US Takes BTC Back To $8,200 If you’ve been in crypto for some time, chances are you’ve heard some horror stories. Other users have lost funds due to hacks, sent funds to the wrong address, or worse. What few ever experience, however, is getting caught up in a flash crash. Related Reading | Bitcoin Price Sets New All-Time High Above $65,000 We don’t mean a particular strong selloff, but a “flash crash” that sends the price of an asset diving so deep, it can often bring them back to close to zero. While this morning Bitcoin price didn’t fall back to nothing, it did get a digit knocked off its price tag, and about 87% of the value per coin, according to the Binance US BTCUSD price chart. The wick left behind on Binance US reached August 2020 levels | Source: BTCUSD on TradingView.com The fl...
