He buys $ 11,000 Bitcoin during the Binance.us flash crash.

There are those who know how to seize the opportunities. During the recent Binance.us flash crash, which saw bitcoin (BTC) briefly trade below $ 10,000, a user saw a window to purchase cryptocurrency for the modest price of $ 11,000 .

This was reported on Reddit by the user u/Traditional-Ebb-8380, who also posted a screenshot of the executed transaction. In a short message, he said:

I didn’t believe it myself, but the order I placed for 1 BTC (placed 2 months ago) at $ 11,000, was executed during the Binance.us flash crash.

According to the receipt, he bought 1 bitcoin at 11,111.00 USD; just as Bitcoin was trading above $ 65,000 on other exchanges.

Binance.us flash crash

On the day of October 21, a flash crash was recorded on Binance.us, which dropped the price of BTC to $ 8,200.

By definition, a flash crash is a very rapid, deep and volatile drop in the price of an asset or a security in a very short period of time.

The event happened yesterday morning, in the trading of the BTC / USD pair. The phenomenon caused BTC to drop 87%, with a trading volume of 592 BTC, although the price quickly returned to normal.

Although the exchange has not reported anything on its networks about what happened, the specialist journalist Colin Wu indicated that there had been a software failure in the platform’s trading algorithm. This caused the price of BTC to fall, which is currently trading at $ 63,137.07.

This is not the first similar problem on cryptocurrency platforms.

Cryptocurrencies are known to be volatile and the flash crash phenomenon is nothing new. In fact, similar events have been recorded this year. One of them took place in February on the Kraken Exchange and happened with Ether (ETH).

ETH was traded on Kraken at a price 50% below the value of the rest of the market ($ 700). The fact was reported by several platform users, who noted that at the time, the cryptocurrency was trading above $ 1,500 on Coinbase and other exchanges.

 
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