Why did bitcoin price crash to $8200 on Binance?

Bitcoin price crashed to $8,200 on Binance exchange hours after it climbed the lifetime high of $67,000. The cryptocurrency exchange attributed the flash price crash to a “bug” in the trading algorithm of an institutional customer. Bitcoin prices plunged nearly 90 percent on the United States trading platform Binance in a flash Thursday morning.

What happened to the bitcoin price?

The bitcoin price briefly dropped to under $10,000 per bitcoin on Binance.US, down almost 90% from around $65,000 and knocking the bitcoin price on other exchanges. The sudden plunge also took the wind out of the ethereum price rally.

Why did Bitcoin crash?

Bitcoin's flash crash, blamed on an institutional trader's rogue algorithm, came as Binance's chief executive warned crypto traders should watch out for "very high volatility" in coming months. Sign up now for the free CryptoCodex—A daily newsletter for the crypto-curious.

What is Binance flash price crash?

Binance flash price crash is the latest in a string of trading problems in crypto. Earlier this month, the new decentralised exchange Synthetify was forced to halt trading shortly after its debut because of bad data provided by the Pyth Network.