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Binance.US Blames BTC Price Crash On Client's Trading Algorithm Error

Mary Liu

Summary: In an email to The Block, a Binance.US spokesperson stated that the Bitcoin price crash was related to an algorithm error in one of its client's trading software. The firm explained: "One of our institutional traders indicated to us that they had a bug in their trading algorithm. We are continuing to look into the ...

In an email to The Block, a Binance.US spokesperson stated that the Bitcoin price crash was related to an algorithm error in one of its client's trading software.

The firm explained: "One of our institutional traders indicated to us that they had a bug in their trading algorithm. We are continuing to look into the event, but understand from the trader that they have now fixed their bug and that the issue appears to have been resolved."

Early Thursday, the price of Bitcoin flashed to a minimum of $8,200 on Binance.US, dropped by about 88% within a few seconds, and then recovered within a minute.

By Mary Liu

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