[2020-11-18] Bitcoin price surged up to $82,000 for a brief moment on Binance

[Best_Change]

Bitcoin price surged up to $82,000 for a brief moment on Binance

On November 17, the bitcoin price rose to $82,000 from $17,500 for a brief moment.

This happened on the Binance exchange in a trading pair with the TUSD stablecoin, which is pegged to the dollar rate. Traders who placed sell orders in advance could have earned up to 370% profit on this jump in the rate.


The reason could be a mistake of the trader, who bought about 29 BTC at the market rate, which pushed the price up since the minute trading volume in the BTC/TUSD pair usually does not exceed 1 BTC.

Source: https://www.rbc.ru/crypto/news/5fb4d1239a7947ee5f663478?from=newsfeed

Read more news in our Medium channel: https://medium.com/@BestChange

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[pixie85]

Whoever had orders set up that high made a lot of money, but let's be honest, who does that? Who knowing the price is at 16 thousand sets an order at 80?

There are people who have 1% of their all trading money set to extremes to catch such surges and flash crashes but you have to be very lucky to catch something like that because these events are extremely rare.

Congratulations to the winners.

[Darker45]

LOL! Such a costly mistake!

Unlucky for the trader he/she did the trade in BTC/TUSD pair. That 29 BTC buy order could have been more easily filled when traded with other stablecoins such as USDT and BUSD. The BTC/TUSD pair unfortunately has the lowest volume among BTC/stablecoin pairs in Binance. The mistake could have been not as costly as it ended up.

[Beparanf]

Market order at its finest. LOL

Although this not a big deal for a guy holding 29BTC on his that using market order. IMHO, There's no user will set an advance order at that price especially on TUSD as it has low market and obviously whoever use that pair didn't expect that there will be a guy like the sample that will do market order with a huge volume. This is sucks, Binance market maker take all the profit.

[NeuroticFish]

I guess that if somebody types 82000 instead of 18000 kinda deserves his fate. I mean, when one works with money, he should double check.
Well, after such a costly trade, I am sure that next time he will... if there will be a next time.

[cr1776]

Whoever had orders set up that high made a lot of money, but let's be honest, who does that? Who knowing the price is at 16 thousand sets an order at 80?

There are people who have 1% of their all trading money set to extremes to catch such surges and flash crashes but you have to be very lucky to catch something like that because these events are extremely rare.

Congratulations to the winners.

If you have 1 bitcoin, and are willing to sell it at 82000 but not below, that is who sets a limit sell order at 82000.

As for who would buy it at that, no one did.  It seems they placed a "market order" without understanding what that meant.

[cr1776]

I guess that if somebody types 82000 instead of 18000 kinda deserves his fate. I mean, when one works with money, he should double check.
Well, after such a costly trade, I am sure that next time he will... if there will be a next time.

It doesn't appear that is what happened, it appears that someone wanted to buy 29 BTC pair "at market".  The market dried up at 16000, then 18000, then 20k, 30k, 40k, 50k, 60k, 70k until it was finally fully filled at 82000.

Seemingly the Binance market didn't have a lot of depth and only 29 were for sale between 16000 (or whatever exactly it was) and around 82000.

If Warren Buffet came in anywhere and said "I'd like 500,000 bitcoin at market" the fiat price would go through the roof.  He wouldn't be as naive as whomever this was who did this trade.   :-)  He'd just buy 1 at a time or 10 at a time, or just put a limit buy order at 18000 and buy from anyone who wanted to sell at that price.

[Karartma1]

Bitcoin price surged up to $82,000 for a brief moment on Binance

On November 17, the bitcoin price rose to $82,000 from $17,500 for a brief moment.

This happened on the Binance exchange in a trading pair with the TUSD stablecoin, which is pegged to the dollar rate. Traders who placed sell orders in advance could have earned up to 370% profit on this jump in the rate.


The reason could be a mistake of the trader, who bought about 29 BTC at the market rate, which pushed the price up since the minute trading volume in the BTC/TUSD pair usually does not exceed 1 BTC.

Source: https://www.rbc.ru/crypto/news/5fb4d1239a7947ee5f663478?from=newsfeed

Best_Change could you please explain why have you posted a Russian source in Russian? On the press board it's better to stick to English-only news outlets. Next time you will be posting some news, please remember this. Thanks

[NeuroticFish]

Best_Change could you please explain why have you posted a Russian source in Russian? On the press board it's better to stick to English-only news outlets. Next time you will be posting some news, please remember this. Thanks

Although it's not the best option privacy-wise, it's still an option (for both).
https://translate.google.com/translate?sl=auto&tl=en&u=https://www.rbc.ru/crypto/news/5fb4d1239a7947ee5f663478?from%3Dnewsfeed

It doesn't appear that is what happened, it appears that someone wanted to buy 29 BTC pair "at market".  The market dried up at 16000, then 18000, then 20k, 30k, 40k, 50k, 60k, 70k until it was finally fully filled at 82000.

Hm. I don't know why would somebody do that... unless maybe it's somebody with too much money and not enough knowledge on how to use an exchange. Oh well, sorry for the confusion.

[CyberKuro]

I guess that if somebody types 82000 instead of 18000 kinda deserves his fate. I mean, when one works with money, he should double check.
Well, after such a costly trade, I am sure that next time he will... if there will be a next time.

Did somebody wants to put the order at $18,200 but accidentally didn't press the '1' button, or is it a bug in binance system?
However, news media has contacted binance, but they remain silent about what happened, in this case, more likely not a human error placed the wrong order number.

Decrypt has contacted Binance about today’s $82K BTC wick but we’ve yet to receive a response. source

[newwest]

What would have gone through on that person mind after realizing how big mistake it just happened and now, he would be really staying away for it as would have nightmares of such costly buying. Also, only handful of them would have just being lucky if they would have placed some high prices like 25k or 30k etc.

[Harlot]

Since mistakes like this happens I think crypto exchanges should have some kind of warning where the trader will be notified that there buy/sell order is way above the market price, obviously nobody wants to buy Bitcoin at 80,000$+ when its current market value is just a quarter of that offer. This mistake is easily preventable if they have some kind of warning everytime an unusual price above market value is being entered by the trader, this kind of feature should really be necessary as I see them in the stock market as well.

[bryant.coleman]

I guess that if somebody types 82000 instead of 18000 kinda deserves his fate. I mean, when one works with money, he should double check.
Well, after such a costly trade, I am sure that next time he will... if there will be a next time.

It is his fault. But in normal circumstances, it should not occur. I am someone who do stock trading and in this sector it is not possible to have such an error. First of all, it is not possible to set the limit to 3x or 4x of the current price. I guess in Binance they don't have such preventive mechanism, and this in turn resulted in huge losses to the trader. I won't be surprised if he launches a legal suit against the exchange.