Today the Bitcoin (BTC)) dawned with a strong uptrend. A cryptocurrency reversed its losses of the previous day and investors crypto they ate their breakfast with a smile from mouth to mouth. However, unexpectedly the movement reversed, and the Bitcoin hitched on a 2% drop within minutes.
At 8:50 am (11:00 UTC, global time) a red line crossed the chart of the Bitcoinbut something else also happened.
One of the world’s largest brokerages announced that trading had stopped working. Due to this, the team also paused withdrawals and deposits from the platform.
According to the company, the problem has now been fully resolved. However, it is worth noting the movements that occurred within just a few minutes.
Why are you crying, Bitcoin?
Chanpeng Zhao, CEO of binancecommented that initial analysis indicates that the matching engine found a bug in a trailing stop order, which it called “weird”.
We are aware of an issue impacting spot trading on Binance.
All spot trading is currently temporarily suspended as we work to resolve this as soon as possible.
New updates will be shared here.
— Binance (@binance) March 24, 2023
“Recovering. It’s 30-120 min. Awaiting a more accurate ETA. Deposits and withdrawals are paused as a SOP (Standard Operating Procedure). The funds are safe,” he says.
When asked what the CEO would do if investors suffered losses due to the error, CZ replies that prices would not move, given that the largest exchange is not operational.
When the biggest exchange halts trading, prices won’t move much. If it moves on smaller exchanges, when #Binance comes back, our deeper orderbook will bring the price back, causing those guys to lose money. Traders know this.
— CZ 🔶 Binance (@cz_binance) March 24, 2023
“When the biggest exchange stops trading, prices don’t move much. If it moves on smaller exchanges, when Binance comes back, our deeper order book will bring the price back, causing these guys to lose money. Merchants know this”, he says.
Source: Moneytimes
I am an author and journalist with a focus on market news. I have worked for a global news website for the past two years, writing articles on a range of topics relating to the stock market. My work has been published in international publications and I have delivered talks at both academic institutions and business conferences around the world.
