In brief

What happened?

Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
$105,505.00
4.57%$2,419.49
8.66%$2.16
7.48%$640.17
3.85%$144.89
9.80%$0.999906
0.01%$0.27303
3.45%$0.164502
9.07%$2,417.02
8.56%$0.582675
7.90%$105,321.00
4.46%$38.08
6.84%$2,919.86
8.66%$2.82
15.15%$463.13
2.05%$12.87
10.53%$9.12
1.19%$0.245632
7.54%$18.07
9.82%$0.999849
0.02%$2.91
6.75%$48.02
-0.46%$0.0000116
9.89%$85.07
6.24%$2,418.63
8.60%$0.151157
13.32%$2,588.73
8.55%$1.001
0.07%$308.89
3.87%$1.001
0.04%$3.41
8.16%$105,526.00
4.61%$4.19
3.78%$0.00000993
12.20%$6.83
9.19%$0.534401
6.60%$256.45
12.95%$1.18
0.05%$52.03
4.42%$347.84
14.37%$1.00
0.00%$4.34
10.48%$4.98
9.59%$1.056
0.03%$0.084781
6.23%$2.13
12.47%$175.35
9.92%$16.41
8.20%$0.75819
12.83%$1.001
0.14%$27.37
0.36%$0.604506
3.07%$16.64
5.03%$0.07366
14.89%$4.45
0.31%$9.30
6.79%$4.07
9.71%$0.02143991
11.18%$0.083589
15.10%$0.677458
15.81%$105,231.00
4.63%$3.20
14.59%$0.269417
13.26%$0.181451
5.20%$0.179425
12.57%$2.26
9.04%$0.919569
10.57%$0.302798
13.19%$1.001
0.28%$4.38
5.12%$2,421.77
8.76%$1.00
0.04%$98.41
8.90%$0.999826
0.03%$11.08
3.22%$0.243908
21.49%$153.41
9.81%$0.205863
11.24%$1.20
9.44%$0.401919
16.25%$0.01716777
7.68%$2,754.80
8.66%$1.21
16.38%$2,531.53
8.62%$1.69
23.87%$1.58
12.76%$0.00001389
14.09%$10.84
11.16%$1.055
13.98%$0.319372
21.30%$1.001
0.05%$1.001
0.10%$0.629081
12.55%$0.548718
12.93%$0.058311
4.21%$3.25
19.04%$0.999948
0.00%$2,582.63
9.25%$2,536.97
8.60%$105,174.00
4.26%$1.11
0.01%$3,378.23
-0.97%$641.21
4.04%$105,230.00
4.47%$0.833397
21.79%$3,357.30
-1.03%$106,536.00
4.54%$2,537.97
8.56%$0.512948
8.10%$0.081373
11.08%$0.578803
8.22%$0.418279
16.09%$161.95
10.08%$2.14
7.38%$188.48
9.91%$0.847046
8.31%$111.54
0.02%$2.18
8.13%$0.00007233
13.79%$2,614.50
8.69%$0.669625
11.90%$41.42
8.76%$0.999115
0.11%$0.0101532
0.75%$0.710529
8.45%$1.084
-0.74%$0.01394946
11.64%$18.80
10.55%$0.25495
10.07%$0.01280284
16.33%$0.161084
9.79%$30.93
5.16%$0.00980102
16.79%$0.234006
9.76%$0.997505
-0.01%$104,556.00
3.91%$1.97
6.39%$3.60
9.92%$0.00000059
6.22%$0.428334
13.08%$0.532769
7.91%$105,241.00
4.75%$38.03
6.68%$2.06
11.68%$0.095101
11.35%$2,419.59
8.67%$2,420.65
8.67%$0.526548
7.10%$0.329724
8.90%$0.484904
11.83%$105,515.00
4.53%$2,581.48
9.12%$1.00
0.06%$2,521.72
8.43%$0.261173
10.49%$0.998553
0.04%$0.01440174
12.12%$0.61158
9.22%$1.37
10.55%$2,416.90
8.52%$0.425352
4.91%$8.05
2.71%$48.43
7.35%$38.07
6.81%$0.061515
0.77%$0.999906
0.01%$0.165426
41.62%$2.34
7.96%$0.04327956
21.17%$0.999908
-0.00%$0.164545
8.76%$1.36
17.19%$1.091
0.04%$1.00
0.07%$0.400551
7.19%$0.0000004
2.55%$0.00429231
25.53%$5.57
11.07%$2,416.67
8.54%$1.00
0.02%$0.99613
-0.09%$13.53
12.68%$0.32307
15.58%$0.114508
12.03%$0.00648505
17.37%$0.00001879
7.65%$2,567.41
8.58%$0.00430341
23.68%$0.512714
8.41%$2.26
10.54%$0.48741
11.64%$0.972024
15.49%$0.00000092
25.82%$1.15
14.32%$0.069339
8.85%$0.357635
6.20%$1.21
7.26%$0.166896
-1.53%$0.138768
21.64%$0.0348099
3.90%$5.26
9.19%$1.42
12.37%$0.03508068
8.91%$2,665.99
8.56%$0.335831
3.41%$105,272.00
4.60%$105,635.00
5.05%$0.00326417
17.04%$19.70
1.93%$0.01674288
4.33%$2,643.57
8.48%$0.999932
0.02%$0.03181418
2.56%$0.999418
0.03%$157.87
10.10%$1.001
0.02%$2,418.98
8.58%$0.764971
24.65%$0.00005551
6.08%$0.999999
0.03%$1.095
13.81%$10.05
4.35%$0.711378
6.27%$0.300866
17.18%$0.443971
7.79%$2,413.43
8.70%$109.44
8.38%$0.00338587
9.27%$105,247.00
4.54%$0.06059
11.97%$18.07
9.75%$0.00000136
2.78%$1.69
-0.84%$1.001
0.28%$0.594071
7.33%$103,744.00
6.07%$0.00506866
11.41%$2,120.36
4.68%$0.181799
5.44%$1.017
0.08%$0.584332
15.18%$102,030.00
3.68%$6.06
11.49%$0.181145
8.98%$0.00362607
16.73%$14.75
9.64%$0.9993
0.02%$19.70
7.65%Reading
File this one under “only in crypto.”
While some keen market observers wait for the price of BitcoinBitcoin to break it’s all-time high of nearly $20,000, a few traders on Binance—the world’s largest cryptocrypto exchange by volume—watched the coin go to the moon today. Even if only for a brief moment.
Bitcoin broke past $20,000 and hit a whopping $82,000… then quickly dropped back down again, as if nothing had happened. Intrigued? So were we...
According to the BTC/TUSD chart on Binance, an extremely long wick appeared at 1am ET on November 17. Bitcoin started its green candle at $16,626, lit a wick at exactly $82,000, and closed the 60-minute trip at $16,635.
The rest of Bitcoin's pairs against the US dollar or its stablecoin equivalents (USDC, BUSD, DAI, PAX, and USDT) were unaffected. Trading volume during the rally didn't show any anomalies either. There was indeed a spike in volume, but nothing out of the ordinary.
It's hard to know for sure, but considering the relatively low trading volume during the period of time compared to the absurd price spike to $82,000—and the fact that Crypto Twitter didn't go bananas—everything seems to point to some kind of error.
A "human error" by a trader would most likely have activated a row of market orders before touching the $82,000 price mark. It would have taken an enormous amount of money changing hands to organically reach that price, practically depleting the trading pair's liquidity.
With that in mind, a bug is the most logical explanation—at least that we can think of. In fact, similar weird blips have happened on Binance before.
For example, on October 28, 2020, a major “Darth Maul Sword” (a little candle with super large wicks) happened on the ETHUSD perpetual contracts, activating trades at specific prices without going through the standard order matching procedures.
Decrypt has contacted Binance about today’s $82K BTC wick but we’ve yet to receive a response. And the traders we spoke with were as confused as we were. But we’ll be sure to update if anyone comes through with a better explanation.
For now, it’s best not to pull a McAfee and bet any of your body parts on Bitcoin touching that price mark again any time soon.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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