Bitcoin value reaches $100,000 on Binance Futures exchange
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Answer Bitcoin value reaches $100,000 on Binance Futures exchange
The quarterly Bitcoin futures contract recorded a dramatic rise, reaching $100,000.
Expecting sudden moves like this is not new or unlikely, but it has been forgotten due to the slow price movement of Bitcoin and the lack of volatility in the past two months.
Recently, more than $1 billion positions were liquidated in a rapid bitcoin movement of $1,400, which is a clear signal about the return of bitcoin’s volatility.
While this fast-paced movement is now over, more of it may be on the way.
At the time of writing this article, Bitcoin is trading at 11,186 dollars, but it happened on some futures trading platforms like Binance Futures that the price of bitcoin reached the level of 100 thousand dollars.
Read:A Canadian government-backed bitcoin mining company declares bankruptcy
This price can be seen in the quarterly futures contract, which is still open, which reached a high of $99,964.
The reason for this was auto-trading or trading using robots.
hung “CZ” founder and CEO of Binance platform about this on Twitter by saying:
Another day at the crypto market.
We have price range protection, but the user went in ballistic mode and sent multiple commands to make it happen.
We will likely have to tweak this graph a little bit to make it more readable in the future.
While this fuse has not technically caused any issues such as Automatic Debt Elimination (ADL) for Bitcoin futures, it has previously done so for Ethereum and other altcoins.
This slippage can cause you to get a lot of trades automatically,
ADL is put in place to prevent liquidation and help new users, and also prevents users from keeping their trades open.
March 2020:
ADL liquidations have already occurred, this past March when Bitcoin plunged 50% in a matter of hours.
Read:Analysis: The current Bitcoin accumulation movement is similar to what happened in mid-2018
What made Binance use the guarantee fund and provide more than 6 million dollars as I told Binance then said that if the fund was exhausted, more would be injected to make sure users were protected.
Read also:
Bitcoin reaches $12,000, then a sudden drop of $1,500 for the following reasons
Ethereum and plans for the next five years
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