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21st October Bitcoin Price Drop From $66k To $59k – Explained.

Shortly afterward, a Binance chief executive warned crypto traders of “market instability” as the price of Bitcoin (BTC) fell sharply on its U.S. exchange.

Yesterday an amazing event took place at Binance US as the price of Bitcoin fell slightly below $10,000. Although the disruption was quickly rectified, it had a major impact on other trades as Kraken also saw the BTC price drop to about $54,000, Coinbase saw the price drop by about $1000.

Ethereum’s stock price has also been temporarily reduced as the asset has lost 50 percent of its value in some cases where it was selling for $2000 after breaking the $4k mark.

21st October Bitcoin Price Drop From $66k To $59k - Explained.

Bitcoin Price Chart – Source: CoinMarketCap

Interestingly, Changpeng Zhao, Binance’s chief executive officer had earlier sent a warning to crypto traders asking them to “Expect the highest volatility of crypto in the next few months.” Shortly after his tweet, Binance US saw a flash price crash.

Binance US, in an email to Bloomberg, explained that the flash meltdown was caused by a defect in one of its trade-offs. The crypto exchange continued to declare that the problem had been remedied despite the fact that the trader’s identity remained a lie. 

“One of the traders at our center showed us that they had a problem with their trading system, which seems to be the reason for the drop. We are still looking at the event, but we understand from the trader that they have now fixed their bug and that the issue seems to have been resolved,” the email read.

It is unknown whether any transaction has resulted in a loss as a result of dropping commodity prices since the time of publishing.

You may recall that after being listed as the first crypto-based exchange-traded fund (ETF) in the United States, Bitcoin’s value soared to $ 67,000.

Some analysts have attributed rising commodity prices to digital Proshares ETFs on the NYSE. Significantly, the number of crypto-related ETFs is expected to be live soon.

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