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Bitcoin reaches $100,000 at Binance, CEO reports failure

At one point, the price of Bitcoin (BTC) hit $100,000 on Binas’s futures market. Binance CEO Zhao Changpeng clarified that the rise in bitcoin prices was a mistake made by the trading platform, especially the user algorithm, which sent multiple instructions and pushed the price of bitcoin futures above an all-time high ($20,000). Zhao announced and Shared the following image: Cryptographic exchange platform Binance registered a $100,000 bitcoin (BTC) price ina future contract after the platform’s algorithm failed. Binance will cover the losses of users affected by trading Ethereum derivatives.

According to a Binance report, the events that led to the rise on Bitcoin’s future price began at 4:48am (UTC) on August 2. The user mentioned by Zhao placed a large number of orders in a very short period of time on the BTCUSD 0925 quarterly futures contract. This resulted in a candle wick rising to $99,964 and a stretch on the K-line of the chart for all quarterly futures users.

At the time of publication there are no
reports that the failure has had a negative impact on the users of the
exchange. There are also no reports of auto-deleveraging. Binance outlined the
following:

Another day in crypto. We do have price
band protection, but a user’s something went ballistic and sent multiple orders
to achieve this. We will likely have to adjust this chart a bit so that it’s
readable in the future.

As Binance Futures uses the mark price as a
reference in liquidations and calculations of unrealized NLP, the 99,964 USD
wick and other extreme price movements during this period did not cause any
liquidations in user positions

By contrast, they do report failures for
other cryptocurrencies like Ethereum. The exchange reported a large fluctuation
for the ETHUSDT perpetual contract and a delay in calculating the underlying
perpetual position. The derivative was not synchronized with the ETHDOWN token.
Although the failure was resolved, according to Binance, affected users who
traded with the ETHDOWN token will be compensated. The exchange will take the
following actions and has requested to send claims to the following email
address, [email protected]:

All verified losses incurred by users
trading the ETHDOWN BLVT token between 2020/08/02 4:43 AM (UTC) and 2020/08/02
5:22 AM (UTC) will be covered by Binance

A similar failure occurred on the crypto
exchange BitMEX before “Black Thursday”. In fact, some analysts attributed to
that failure the collapse of the market that made Bitcoin lose almost 50% of
its price by that time and fall below $4,000. However, this time BTC has not
been affected and, at the time of publication, is trading at $11,198 with
losses of 0.72% in the last 24 hours. Ethereum also appears to have been
unaffected and stands at $385 with modest gains of 2% in the last 24 hours.

Reactions in the crypto community have
varied. Some users have taken advantage of the flaw to make jokes, while others
made fraud reports. Bitcoin operator and co-founder of Blackroots, Josh Rager,
said

$BTC to $100k and none of us got to take
part in it. Scammed again.

Author : Reynaldo

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