A sharp price increase on the bitcoin/tether trading pair caused bitcoin to briefly soar to as much as $138,000 earlier today on cryptocurrency platform Binance.US, according to exchange statistics.
At 6:50 a.m., prices briefly skyrocketed to those levels. Before returning right away to parity with other bitcoin spot markets, UTC. Bitcoin is traded in other trading pairs as usual. It seems impossible that the move was brought on by a trader looking to purchase bitcoin at a premium of about 450% when it is now trading for just over $29,000 on Wednesday morning in Europe.
According to Wu Blockchain, “Since being sued by the SEC, market makers left, and the market depth of Binance US has dropped by 78.8%. The BTC/USDT trading pair BTC price on Binance US briefly rose to 138,070 USDT and then quickly returned to normal.”
A financial market’s level of liquidity is measured by its market depth. According to Kaiko data, Binance.US’s market depth is lower than it was in May, which suggests that traders and market makers have departed the exchange.
Research released on Tuesday by Kaiko shows that Binance.US’s market share has shrunk in contrast to other exchanges open to consumers in the United States, falling to 1.5% from 8% at the start of this year. The survey also shows that oinbase">Coinbase, the biggest cryptocurrency exchange in America, saw its market share decline from 56% to 50.5%.
BTC had increased by 8.61% in the previous day to reach $29,094 at the time of writing.
