Data from the cryptocurrency exchange Binance.US shows that the price of its BTC/USDT spot trading pair reached $138,070 at 9:24 a.m. today (21st) Taiwan time, but quickly returned to the same level as other prices within seconds. The same price level in the Bitcoin market.
Source: Binance.US
It’s unlikely that this wild price move was due to a trader looking to buy Bitcoin at a premium of almost 450%, when the market price was around $29,000. This could instead be due to a lack of liquidity on the BTC/USDT trading pair on Binance.US.
No other Bitcoin trading pair on Binance.US has seen such dramatic spikes. Market Depth data shows that a $400,000 Bitcoin buy order on the BTC/USDT trading pair can increase the price by 2%, while on the BTC/USD trading pair, a minimum investment of $842,000 would be required to have the same impact.
Market depth refers to the level of liquidity in a financial market. According to a report released by Kaiko this month, Binance.US’s market depth fell by nearly 76% compared to May. Kaiko said that a week after the U.S. Securities and Exchange Commission filed a lawsuit against Binance, market makers and traders were fleeing the exchange.
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This article Bitcoin Price Hits $138,000 on Binance.US appeared first on Zombit.
