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The price of Bitcoin in the American branch of the Binance exchange (Binance.US) temporarily experienced an explosive growth and reached $138,000. news agency CoinDesk It says that this price increase has been observed in the trading currency pair Bitcoin / Tether.
The price of Bitcoin reached the level of $138,000 for just a few seconds at 6:50 am local time and returned to the normal level in a short time. All other Bitcoin trading pairs at that time had maintained their all-time highs.
A possible scenario is that a trader wants to buy Bitcoin at a premium of 450%; Of course, this issue is unlikely to be the main factor. Each Bitcoin unit is currently trading at $29,000.
Probably the price of 138,000 dollars was the result of the low liquidity of Bitcoin against Tether in the American branch of the Binance exchange.
Market depth data shows that buying $400,000 worth of Bitcoin in the BTC/Tether trading currency pair can push the price up by 2%. When we talk about the trading currency pair BTC/USD (Bitcoin and US Dollar), the minimum amount paid for this effect reaches $842,000.
Market depth refers to the level of liquidity in a financial market. The market depth of Binance’s American branch has decreased by 76% compared to last month, and this means that many traders have decided to withdraw their capital from this exchange.
Binance struggles with US government crackdown The US Securities and Exchange Commission believes that Binance and its founder (Changpeng Zhao Or C.Z) have illegally increased the volume of transactions and consolidated clients’ assets.
Following a complaint by the Securities and Exchange Commission, all of Binance’s assets in the United States could be frozen; But in the end, this exchange initially agreed with the Securities and Exchange Commission.
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