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Bullish Bitcoin: Price Surges to $138k on Binance.US!

  • The price of Bitcoin on Binance.US briefly reached $138,000.
  • The sudden price movement was attributed to low liquidity in the BTC/USDT trading pair.
  • During the fluctuation, approximately 62.22 Bitcoins worth about $1.8 million were traded at the highest price recorded.

Bitcoin’s price on Binance.US experienced a momentary surge, reaching $138,000 before quickly returning to its normal level. Experts believe that this sudden increase in price was due to the low liquidity in the BTC/USDT trading pair. It is likely that a large order or multiple orders placed on the Binance.US platform caused this momentary fluctuation. During this time, approximately 62.22 Bitcoins, valued at around $1.8 million, were traded, setting a new record for the highest price at which a Bitcoin transaction has been conducted. This incident highlights the impact of liquidity on cryptocurrency prices and the potential for significant price movements in low liquidity environments.

Low Liquidity and the SEC Lawsuit

One possible reason for the low liquidity on Binance.US is the recent lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Binance. Following the announcement of the lawsuit, prominent market makers Wintermute and Keyrock announced their withdrawal from Binance.US. This sudden departure of key players has left Binance.US with limited liquidity, making it more challenging for investors to execute their orders effectively. Additionally, periods of low volume and depth in the market can result in significant price fluctuations, as demonstrated by this incident.

Looking at market data, it is evident that a $400,000 transaction in the BTC/USDT trading pair on Binance.US could cause a 2% price fluctuation. In comparison, the same impact would require a volume of $842,000 in the BTC/USD pair. These figures highlight the sensitivity of cryptocurrency prices to liquidity and the potential for price volatility in low liquidity environments.

According to CMC, Bitcoin has shown an 8.2% increase in the past 24 hours, trading at $28,933 at the time of writing. This price movement, along with the incident on Binance.US, underscores the importance of liquidity and its impact on cryptocurrency markets.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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