BTC/NGN price manipulation on Binance or what is this

[Charles-Tim]

I only wanted to look at the daily BTC/NGN price on Binance and I saw bitcoin gone up to ₦122,886,640 eight days ago.



Is this not manipulation? I have also noticed this is not the first time if you look at the past prices, but just that this is more obvious.

[Nwada001]

Upon seeing this thread, I just rushed back to my Binance to check what just happened. I can see the opening price to be at #25,954,149, closing at 26,855,621, with that day's low at #25,824,845 and the all-time high recording #122,886,640. And this happened on August 8, 2023, which is not up to 8 days if I am correct.

How come no one ever noticed this on that exact day?Well, all I could have said was, Either there was some sort of mistaken order by some beginner who placed a trade by mistake with that higher amount. But also looking at it on the other hand, there is a limit to the price difference, which can be used to place a buy order in order to avoid such a mistake from occurring.

[Charles-Tim]

How come no one ever noticed this on that exact day?

Most of us or all we Nigerians on these forum will not see it because we prefer to just check the market price to exchange to naira and leave than to be constantly checking the price. Traders among us prefer  scalping and day trading using BTC/USDT.

It happened within 30 minutes. It rose to ₦122,886,640 on the first 15 minutes and decreased back to the normal price. It increased again in the following 15 minutes to ₦100,000,000 and decreased back to the normal price again.

No matter what the reason could be, it is just a way to manipulate. Assuming I have bitcoin and place BTC/NGN sell order at ₦100 million, that would have been a huge profit for me.

[CryptSafe]

Possibly that could be a result of price manipulation or a novice in the system test running their capabilities. I did not notice such not until l  saw this post and had to check and see for myself. There is no way this could have been a glitch on the part of binance  as they could have corrected it from their  end but it shows a trading signal already executed from the end of a user or trader. This price is over exaggerated with the current reality as any mistake of this nature might trigger some actions although would be in some certain interest but would be  a night mare in general as it relates with the country's economy if it gets to that point.

[Gozie51]

That is about 6 times the current price. That one dey obvious say no be manipulation because the figures are far apart and if someone want like buy 1 btc, you go notice am but if na to just check price person fit no look well reach that side. Me I think say some system mistake happen there and or one new guy just go touch the back wire wey CZ take connect the back end server (in the voice of Mr Yakubu) 

[Wiwo]

How come no one ever noticed this on that exact day?

Most of us or all we Nigerians on these forum will not see it because we prefer to just check the market price to exchange to naira and leave than to be constantly checking the price. Traders among us prefer  scalping and day trading using BTC/USDT.

It happened within 30 minutes. It rose to ₦122,886,640 on the first 15 minutes and decreased back to the normal price. It increased again in the following 15 minutes to ₦100,000,000 and decreased back to the normal price again.

No matter what the reason could be, it is just a way to manipulate. Assuming I have bitcoin and place BTC/NGN sell order at ₦100 million, that would have been a huge profit for me.

I understand,  I have noticed technical errors in the past when I want to sell Bitcoin on Binance sometimes the first buy offers on the list are always 3x price of Bitcoin at that time,  just like the first comment speculated,  it could be as a result of a newbie trader opening such position filled with error in the price he offers,  and just like you said I have also tried to cash in on that buy willing to sell for such buyer before and what I noticed mostly is that.

1: the buyer never pays until the time runs out and the order gets is cancelled.

2: some time along the line to place the sell other to such a high bitcoin-priced trader,  the system will pop up an error and the order will not go through.

So I think this is an error pricing from a newbie trader or just a deliberate action from a trader who just wants to spam the order book.

[Nwada001]

1: the buyer never pays until the time runs out and the order gets is cancelled.

This part is usually possible only on the P2P section, as I have noticed it multiple times and tried to take advantage of the price difference, but somehow the buyer happens to waste much time watching how the market will react, and at this point, the time usually runs out.

But on the Binance Spot market, I don't know how it has been set to be, but on other cryptocurrencies, I have come across situations where I try to make a purchase with a price 3 X higher than the current trading price and a warning usually pops up, which most times cancels the action.

[Asiska02]

Is this not manipulation? I have also noticed this is not the first time if you look at the past prices, but just that this is more obvious.

My understanding to this might be that a buyer wanting to buy some bitcoin (e.g 5BTC) and then, no single buyer in the order book has up to 5BTC, they only possess little quantity of BTC individually with different prices of sell on them. The buyer who wants to buy and has NGN deposited in his wallet will just go to market order and click on buy BTC (5 BTC). Binance will just sum up all this seller’s BTC and sell to the buyer irrespective of their prices and this action will definitely shoot the candle up. Since the volume is weak, and other holders of BTC seeing this, will begin to sell and the candle will begin to diminish causing the price value to go down again. This might just be the simple logic that has happened in that chart.

[Dr.Bitcoin_Strange]

I only wanted to look at the daily BTC/NGN price on Binance and I saw bitcoin gone up to ₦122,886,640 eight days ago.

That's a fucking +343% profit on the actual/current price of BTC/NGN. I have been using Binance for a long time now, and they would never allow you to set a sell or buy order of up to +300% (in profit or loss). which means that there was no one who set his or her sell order up to #122,886,640, and since there was no one who set such a sell order, it also means there was no customer who bought at that price.

For example, if you have some Bitcoin in your Binance account and you want to sell it for #120 million naira, try to place that order, and you will see that you will not be allowed to even place that order successfully. The reason is because Bitcoin's current price has not even yet crossed 100 million naira.

So, I can say that such a price spike in Binance's exchange is a system error; it never happened. If you want to confirm, then check Huobi and Coinbase exchanges as well as other CEXs to confirm if there was such a spike. If truly there was, it could not just have happened with Binance but also with a few CEX.

[Agbe]

I don't think it is a manipulation but probably it was a system malfunctioning that caused that high price. Binance is a reputable exchange platform for now. Personally I have not seen such malfunctioning from Binance before. And why some comments are saying that it was the vendor that did the mistake. But from what Charles-Tim said, it was Binance manipulating the price of BTC/NGN and not vendor price. But if it is a vendor Charles would have indicated it. Well if it happened to the vendor the buyer I still believe it was a mistake from his or her end.

[DaNNy001]

I only wanted to look at the daily BTC/NGN price on Binance and I saw bitcoin gone up to ₦122,886,640 eight days ago.

That's a fucking +343% profit on the actual/current price of BTC/NGN. I have been using Binance for a long time now, and they would never allow you to set a sell or buy order of up to +300% (in profit or loss). which means that there was no one who set his or her sell order up to #122,886,640, and since there was no one who set such a sell order, it also means there was no customer who bought at that price.

.

Omo no be lie, just imagine the cash wey I for don get and all the possiblity of things I would have used such profits for . But just like you have said binance never really allow anyone to set price order to such amount and even if it was possible and you accidentally came across such incident as I have seen there was a window of opportunity for one to actually place an order for Bitcoin sale at that amount but this action would not go through because for me it will just tell you it's an error because this margin is just unbelievable.

[Mate2237]

I understand,  I have noticed technical errors in the past when I want to sell Bitcoin on Binance sometimes the first buy offers on the list are always 3x price of Bitcoin at that time,  just like the first comment speculated,  it could be as a result of a newbie trader opening such position filled with error in the price he offers,  and just like you said I have also tried to cash in on that buy willing to sell for such buyer before and what I noticed mostly is that.

1: the buyer never pays until the time runs out and the order gets is cancelled.

2: some time along the line to place the sell other to such a high bitcoin-priced trader,  the system will pop up an error and the order will not go through.

So I think this is an error pricing from a newbie trader or just a deliberate action from a trader who just wants to spam the order book.

Binance always arrange the sellers and buyers in order base their prices. The ones that buy and sell the highest prices are always on the top, that is they are always at the first line. Oga wiwo if na like dat I don't think what op is the same thing with ur own. Because as I said earlier, the hierarchical arrangements of price order is the amount in which each buyer could afford. So there are sometimes that a buyer can place an order from #20,000,00 to#100,000,000 and so forth. So if a newbie did a mistake, he has to correct it immediately because if he did not and person place the order, he has to pay or cancel the order which can lead to his distrust by the seller by dropping a negative trust feedback. So he has to drop a price he can pay. And op is toking about the price of BTC/NGN and not the vendors price or na me no get am well.

Coming 2 di Op question wey im asked, weti im tok fit be true and for no be true. Sometime the price of bitcoin with di naira he dey different nd me sef come dey wonder weti dey sele, I come dey check another exchange to see di price omo Binance own na skyrocket oo. Well we go still observe am first, and make more people confirm the matter before we go draw conclusion.

[Charles-Tim]

That is about 6 times the current price. That one dey obvious say no be manipulation because the figures are far apart and if someone want like buy 1 btc, you go notice am but if na to just check price person fit no look well reach that side. Me I think say some system mistake happen there and or one new guy just go touch the back wire wey CZ take connect the back end server (in the voice of Mr Yakubu)

I do not mean in the BinanceP2P, but in spot market. On Binance, you can trade BTC/NGN in the spot market. If something like this occured in spot and derivative market, it is known as manipulation. People can use it to make huge profit. Binance do not have deprivative market for the pair, people would have complained after their money get liquidated.

I don't think it is a manipulation but probably it was a system malfunctioning that caused that high price. Binance is a reputable exchange platform for now. Personally I have not seen such malfunctioning from Binance before. And why some comments are saying that it was the vendor that did the mistake. But from what Charles-Tim said, it was Binance manipulating the price of BTC/NGN and not vendor price. But if it is a vendor Charles would have indicated it. Well if it happened to the vendor the buyer I still believe it was a mistake from his or her end.

Biannce should have made it possible that this kind of mistake did not happen. There are some people that can make the manipulation possible, but as it happened on Binance, Binance is to be blamed. Although, no derivative market, if the pair has it, you will see people complaining in a way Binance will have no option than to apologize and maybe also compensate people that have losses as a result of it.