Bitcoin flash crashes to $8200 at Binance.us

[Coin_trader]

I just saw it on the telegram news channel that I subscribed, Bitcoin mysteriously flash crashes below $10,000 in a minute period with a volume of 592.75BTC. I think a long time whale finally take profit on his long time investment. I wonder if anyone here using Binance.us and scoop some of cheap Bitcoin.

This reminds me that sometimes setting a too good to be true limit buy order might give a good fortune to those who will patiently wait.

[1715461423]

1715461423

[1715461423]

1715461423

[1715461423]

1715461423

[1715461423]

1715461423

[1715461423]

1715461423

[BITCOIN4X]

I think it makes no sense to sell him at such a low price even though he can profit from selling his bitcoins for that much in just 1 minute. There must be some traders who managed to get bitcoins at the low price at that time because they placed buy orders lower than the current price. But I wonder if this thing can be manipulated, I mean it was planned by the whale?

OP, are you sure this thread is on the correct board? I think a trading discussion board is much more appropriate for this thread.

[sheenshane]

Is there any announcement from them?

I remember this also in our local wallet/exchange called Coins.ph before.  They drop all coins supported (BTC, BCH, ETH, and XRP) and it seems there are too many users who grab the chance to buy crypto in just a matter of minutes, it's pumped back.

As I can see, not only did Bitcoin has dropped the price, it's altcoins including BNB.


I think accumulating now is quite a good decision.

[BitMaxz]

That's a shady thing happen on Binance US it's trending now on Reddit here https://www.reddit.com/r/BinanceUS/comments/qcql1a/what_just_happened_here/

The only users who make a profit are those who set buy orders at a lower price so if you have set a buy order at $10k then you already made a profit right now.
Other exchanges are not affected even on Binance.com so there is something happening on Binance US.

It's just like the same happens on Binance.com but the only difference is it's not a huge price down it increases way to $99k.

[DarkDays]

I just saw it on the telegram news channel that I subscribed, Bitcoin mysteriously flash crashes below $10,000 in a minute period with a volume of 592.75BTC. I think a long time whale finally take profit on his long time investment. I wonder if anyone here using Binance.us and scoop some of cheap Bitcoin.

This reminds me that sometimes setting a too good to be true limit buy order might give a good fortune to those who will patiently wait.

What an insane flash crush this was. Completely unexpected and whoever had orders at that price (I'm not sure many people did) then this was a crazy historic moment never seen before.

Looking at the market now being at $63,000 it all just looks like nothing happened. Anyway, in a way sad I didn't have a low order but hey nobody could have seen this coming. And those that bagged some BTC at a crazy rate - good for you, right?

[pawanjain]

Now that is something we don't get to see every other day in crypto market. Even I was quite surprised when I saw this news on Cointelegraph.
I immediately went to check Binance US and found that it is indeed true. But there are some points which we need to be aware of.

1. The Flash Crash happened only Binance US exchange. All other exchanges in binance global was not impacted in this flash crash.
2. The flash crash happened on a 1 minute candle which means withing 1 minute all the orders were executed and then the price was recovered.
3. The whale must have put a market order so that all orders were executed instantly.
4. There were buyers who had orders placed at such low price which is why the price went so low.

Those were some lucky bastards who got to buy BTC at such low price and get instant 6x profits.

[Lucius]

Those were some lucky bastards who got to buy BTC at such low price and get instant 6x profits.

It's unbelievable that things like this can happen, and I'm just curious what Binance will say about the whole case - or they will pretend that nothing happened? Yes, some were obviously very lucky in this case, but it is a pity that it cost us a drop in price and spoiled the good mood and the celebration of the new ATH...

[dothebeats]

I think this is not the first time bitcoin encountered a flash crash on Binance. Just a few months ago, something similar happened, and all trading activity was paused and orders were cancelled when the flash crash happened. A lot of people are thinking that what binance is doing is questionable, and I think so too, considering that this has happened far too many times already and that they have not installed preventive measures against such an event. All other exchange around the world do not experience such kind of flash crashes quite often compared to Binance, so what's happening within the exchange is, IMO, really something else.

[Fortify]

I just saw it on the telegram news channel that I subscribed, Bitcoin mysteriously flash crashes below $10,000 in a minute period with a volume of 592.75BTC. I think a long time whale finally take profit on his long time investment. I wonder if anyone here using Binance.us and scoop some of cheap Bitcoin.

This reminds me that sometimes setting a too good to be true limit buy order might give a good fortune to those who will patiently wait.

It would seem very unlikely for someone to sell Bitcoin as such a price so it is likely either an error in the graph reporting or someone made an error when trying to price some Bitcoin to sell. It is a devastating error if someone accidentally mispriced it and possibly lost over 30 million dollars due to such a mistake. Maybe someone got their account hacked and the hacker wanted to unleash this into the market. There are so many possibilities but one end result is likely - someone lost out and others made some rather huge gains if it was genuine. Surprised Binance didn't jump into the deal to make their own profit quite frankly, considering their sketchy reputation.

[avikz]

I smell a rat! The flash crash did not happen in any other exchange except Binance US. It stayed there for at least a minute. The price was recovered to the current level immediately because the trade kept happening. Many people use market rate while buying and selling instead of using a limit order so definitely there was ine or more people who were benefited out of this flash crash.

Let's wait for Binance to come out with an explanation. It can be a system glitch as well but the there could be few beneficiaries to it. Shouldn't have happened!

[virasog]

I smell a rat! The flash crash did not happen in any other exchange except Binance US. It stayed there for at least a minute. The price was recovered to the current level immediately because the trade kept happening. Many people use market rate while buying and selling instead of using a limit order so definitely there was ine or more people who were benefited out of this flash crash.

Let's wait for Binance to come out with an explanation. It can be a system glitch as well but the there could be few beneficiaries to it. Shouldn't have happened!

We need to see that this happened in the spot market and not in futures market. If it happened in future's market then we could think of it as a exchange manipulation but on the spot market, this could be a mistake, someone accidently sold a lot of bitcoins on the market order.

However, the people whom orders are filled between 10000- 30,000$ must be in high profits. This is called luck.

[BITCOIN4X]

We need to see that this happened in the spot market and not in futures market. If it happened in future's market then we could think of it as a exchange manipulation but on the spot market, this could be a mistake, someone accidently sold a lot of bitcoins on the market order.

However, the people whom orders are filled between 10000- 30,000$ must be in high profits. This is called luck.

Trader error? This seems to be in line with what I asked above. If a trader can sell his bitcoin at a cheaper buy order like at $10K, then I can guess that it is manipulation between traders. I mean I can place a buy order of 100 bitcoin for $10K and I can sell another 100 bitcoin for a $10K order even though the bitcoin price is $66K. Is this possible?

[Gyfts]

I saw this graph without actually realizing there was trading volume under 10k - I thought it was some sort of processing glitch. Is there an estimation on the number of orders that were actually fulfilled below that price? Could be market manipulation or just some sort of error, but this is a zero sum game so someone made off with a lot of under valued coins, and someone else presumably lost a lot of money.

[teosanru]

I just saw it on the telegram news channel that I subscribed, Bitcoin mysteriously flash crashes below $10,000 in a minute period with a volume of 592.75BTC. I think a long time whale finally take profit on his long time investment. I wonder if anyone here using Binance.us and scoop some of cheap Bitcoin.

This reminds me that sometimes setting a too good to be true limit buy order might give a good fortune to those who will patiently wait.

I think it must be a bug. A bug either from any market maker or any algo trader, no one in his sane mind would put a market order of this big quantity, especially these whales they know how to buy and sell slowly over a period so no one notices and you can buy/sell at good prices. I think this could even be a glitch from the system, otherwise someone must be crying very hard today because he lost a chance of making almost 8x money, settled for such a low sale price.

[RapTarX]

Damn! Whoever had some order at a lower price got filled. They must be lucky. Just have checked out the Reddit & it seems like a few other altcoins were also affected including BNB, ADA. A guy claimed he got ADA for $1 as he had some buy orders while ADA hit $0.42; must be a blessing. Is it possible that it has been done intentionally?
Damn! It seems majority of the altcoins were affected with this.

ADA- $0.42
DOGE- $0.10
BNB- $250
& so on.

[bL4nkcode]

I remember binance.COM have a limit to on the sell/buy order for not that low, even if you set 50% low/high of the current price will pop an error that it's too much to execute the order, for me to assume that they used the same algo in the .US platform and yet it happened.

It must be a bug ~ an expensive bug if the one who set that price for a small mistake of putting another zeros/digit. On the other side, it's a very lucky bug to those who buy/filled it lol.

[Haunebu]

Crazy luck. I guess those investors themselves were surprised to see this happening when BTC just reached a new  ATH. However, I am not really surprised since this isn't the first time that I have seen this happening.

Flash crashes happen now and then in big exchanges like Binance etc and some extremely patient whales take advantage of them.

It must be a bug ~ an expensive bug if the one who set that price for a small mistake of putting another zeros/digit. On the other side, it's a very lucky bug to those who buy/filled it lol.

I don't think that it's a bug at all. This isn't the first time something like this happened in the crypto world and it certainly isn't the last. The investors who filled these orders truly deserve their profits.

[Ararbermas]

Just imagine if you placed and limit order in it for sure you will become profitable in just 10 minutes.. Lol
Perhaps there's a meaning about that long weak tail of red candle.. Wherein it's either will skyrocketed because it fails to collapse.. Or it's a sign of bearish? I hope not because indeed there's no negative news about bitcoin nowadays, and we still have months to see it  an another all time high before this year ends.

[Sweminer777]

Could be some type of market "proganda" to get more user thinking that it might happen again.
There fore 30millions for someone who is multi millionaire it will still be small numbers.

Could be also someone just spreading coins were 30millions still is nothing for the entities wallet.

[LFC_Bitcoin]

Apparently it was caused by somebody selling 600BTC at market price. Binance obviously really thin order books which is what enabled this to happen.

Quite embarrassing for Binance tbh.