Bitcoin Price Spikes to $138K on Binance.US

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Bitcoin Price Spikes to $138K on Binance.US

Coindesk2023/06/21 15:49

By:Shaurya Malwa

The exchange’s market depth has declined nearly 80% over the past month on regulatory woes.

Bitcoin temporarily surged to as much as $138,000 on crypto exchange earlier today in a sudden price wick on the btc/tether trading pair, .

Prices shot up to those levels for a few seconds at 6:50 a.m. UTC before immediately reverting to parity with other bitcoin spot markets. Other trading pairs for bitcoin traded as normal.

The move was unlikely to have been caused by a trader wanting to pay a nearly 450% premium for bitcoin, which currently exchanges hands for just over $29,000 in European morning hours on Wednesday.

Instead, the bizarre wick likely came amid low liquidity for bitcoin against tether on . Market depth data shows a $400,000 bitcoin buy on this trading pair can increase prices by 2%, compared to a minimum of $842,000 for the same impact on a bitcoin/USD trade pair.

Market depth refers to the level of liquidity in a financial market. As such, ’s market depth has dropped 76% compared to May, as per earlier this month, suggesting market makers and traders have fled from the exchange.

Edited by Oliver Knight.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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