10-22-2021, 02:00 PM
So we're all just going to ignore the insane 80% flash crash "bug" on Binance.US the
<!-- SC_OFF --><div class="md"><p><a href="https://decrypt.co/84045/bitcoin-flash-crash-binance-us-caused-algorithm-bug-exchange">https://decrypt.co/84045/bitcoin-flash-crash-binance-us-caused-algorithm-bug-exchange</a></p> <p>On Oct 2021 at 7:30 am EST, Bitcoin went down from 66.4k to 8.2k in a minutes time on Binance.US</p> <p>This "bug" concidentally happened within minutes of ETH nearing/hitting and all time high. ETH also went from $4,371 down to $2,800 on Binance.US. Other coins such as XLM also experienced an 80% drop. Since trading on every exchange is ran by bots, other exchanges also experienced major drops, but they had the liquidity to absorb the drop better. </p> <p>FTX.US dropped from 66.4k bitcoin to 52k. FTX dropped to 58k. Other exchanges dropped more or less as liquidity absorbed the drop differently on each individual exchange. Bots look at each exchange and every bot looks at Bitcoin to determine what to do with other coins. Since Binance.US had such a major drop, every coin on every exchange was affected by a so called "bug" that coincidentally happened within minutes of ETH hitting an all time high.</p> <p>On Binance.US, buy/sell orders were triggered all the way down to 8k Bitcoin. Trades WERE executed at this level on Binance.US. Other trades were executed at there respective levels on each exchange as the market tanked nearly instantly. </p> <p>Why are people just shrugging this off? A 2 trillion dollar + market was instantly tanked within minutes based off an illiquid exchange that said it was a "bug" that happened in the minute ETH was at and/or breaking an all time high. We STILL haven't recovered from this nearly 12 hours later.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Mesngr"> /u/Mesngr </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/qd3nkl/so_were_all_just_going_to_ignore_the_insane_80/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/qd3nkl/so_were_all_just_going_to_ignore_the_insane_80/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p><a href="https://decrypt.co/84045/bitcoin-flash-crash-binance-us-caused-algorithm-bug-exchange">https://decrypt.co/84045/bitcoin-flash-crash-binance-us-caused-algorithm-bug-exchange</a></p> <p>On Oct 2021 at 7:30 am EST, Bitcoin went down from 66.4k to 8.2k in a minutes time on Binance.US</p> <p>This "bug" concidentally happened within minutes of ETH nearing/hitting and all time high. ETH also went from $4,371 down to $2,800 on Binance.US. Other coins such as XLM also experienced an 80% drop. Since trading on every exchange is ran by bots, other exchanges also experienced major drops, but they had the liquidity to absorb the drop better. </p> <p>FTX.US dropped from 66.4k bitcoin to 52k. FTX dropped to 58k. Other exchanges dropped more or less as liquidity absorbed the drop differently on each individual exchange. Bots look at each exchange and every bot looks at Bitcoin to determine what to do with other coins. Since Binance.US had such a major drop, every coin on every exchange was affected by a so called "bug" that coincidentally happened within minutes of ETH hitting an all time high.</p> <p>On Binance.US, buy/sell orders were triggered all the way down to 8k Bitcoin. Trades WERE executed at this level on Binance.US. Other trades were executed at there respective levels on each exchange as the market tanked nearly instantly. </p> <p>Why are people just shrugging this off? A 2 trillion dollar + market was instantly tanked within minutes based off an illiquid exchange that said it was a "bug" that happened in the minute ETH was at and/or breaking an all time high. We STILL haven't recovered from this nearly 12 hours later.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Mesngr"> /u/Mesngr </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/qd3nkl/so_were_all_just_going_to_ignore_the_insane_80/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/qd3nkl/so_were_all_just_going_to_ignore_the_insane_80/">[comments]</a></span>Kind Regards R