November 19, 2020 | AtoZ Markets – In the wee hours of November 19, Bitcoin (BTC) price on the Binance exchange rallied by 390% - to $82,000, Decrypt reports.
As the chart below shows, BTC/TUSD pair jumped from $16,626 to $82,000, after which it dropped to $16,635.
BTC/TUSD trading pair on Binance. Source: Binance.
There was no sharp price change in BTC trading pairs with the US dollar and stablecoins USDC, BUSD, DAI, PAX and USDT.
At the moment of the price jump, the trading volume in the BTC/TUSD pair reached 28 BTC on a minute interval.
Was Binance Bitcoin price jump a mistake?
Given the relatively low trading volume during this period, the jump in price was likely a mistake.
It is likely that an unknown trader either intentionally or mistakenly bought bitcoins at this price.
However, Decrypt doubts the "human" nature of the error, as it would have triggered a number of market orders before the price hit the $ 82,000 mark.
“It would take a huge amount of money changing hands to naturally reach this price, which would practically drain the liquidity of the trading pair,” the newspaper writes.
AtoZ Markets has requested comment from Binance.
Read also: Binance Sues Forbes for Defamation
This is not the first time Binance has experienced similar price surges. On October 28, the so-called "Sword of Darth Maul" appeared on the ETH/USD perpetual contracts chart, which activated trades at specific prices without going through the standard order approval procedures. The Ethereum price rose momentarily from $386 to $571 and then declined to $197.
Darth Maul's candle. Source: Binance
In August, the bitcoin quarterly futures rate soared by 800% - up to $99,000.
Was Binance Bitcoin price rally to $82,000 a bug or a mistake? Or just a really eager Bitcoin buyer? Let us know your thoughts in the comment section below.