Bitcoin Price Flash Crash on Binance.US Attributed to Trader Algorithm Bug

Posted on by American Coins & Gold

Bitcoin Price Flash Crash on Binance.US Attributed to Trader Algorithm Bug
Bitcoin’s price briefly crashed 87% and then recovered within the span of a single minute early Thursday on Binance.US, in a fleeting but very real flash crash that the cryptocurrency exchange attributed to a “bug” in an institutional customer’s trading algorithm.At 11:34 UTC (7:34 a.m. ET), the price fell from around $65,760 to as low as $8,200, then quickly bounced back up to almost exactly where it was before.“One of our institutional traders indicated to us that they had a bug in their trading algorithm, which appears to have caused the sell-off that was reported this morning,” a Binance.US spokesperson…