News > Bitcoin's 90% flash crash on Binance US, explained

Bitcoin's 90% flash crash on Binance US, explained

22/10/2021 01:24 PM | Click to read full article

Bitcoin prices plunged nearly 90 percent on the United States trading platform Binance in a flash Thursday morning. Prices dropped to as low as $8,200 from around $65,000.

The cryptocurrency exchange attributed the flash price crash to a “bug” in the trading algorithm of an institutional customer. This came a day after the cryptocurrency surged to a lifetime high of $67,000, six months after its previous high.