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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Bitcoin Hits $138,000 On Binance US, What Happened?

Jake Simmons
Jake Simmons
1 year ago
3 mins read
Bitcoin $18´38k Binance

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The Bitcoin price has been experiencing a sharp rally since last Thursday, when BlackRock filed its application for a Bitcoin spot ETF. Since hitting its local low of $24,819 right along the Tether FUD, the BTC price has risen by over 16% since the BlackRock news broke.

Bitcoin Hits $138,070 On Binance US

However, this is in no way an explanation for the following news: Some Binance US users are reporting that the Bitcoin price has hit a whopping price of over $138,000 on the exchange. The popular Twitter account @MikeBurgersburg wrote: “Lololololol- Bitcoin hit $138,070 on Binance US a little bit ago. Everything ok over there, CZ?”.

The anomaly was also shared by Twitter user @OperationAjax, who posted the screenshot below, writing: “I think someone broke the moneymaker on @BinanceUS lol. Someone put them on “UltraWASH Mode” and sent #BTC/ Tether to $140,000/BTC.”

Bitcoin price hits $138,070 on Binance US
Bitcoin price hits $138,070 on Binance US | Source: Twitter @OperationAjax

At press time, neither Binance US nor Binance CEO Changpeng Zhao have commented on the anomaly in the Bitcoin price. Therefore, it can only be speculated what happened. The most likely explanation is an internal data glitch.

But, other reasons are also conceivable, such as insufficient liquidity on the exchange, which led to the phenomenal price. As market data provider Kaiko reported yesterday, Binance US trading volumes have plummeted since the beginning of the year.

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1 year ago

“The U.S. crypto exchange market is more fraught than ever,” Kaiko wrote via Twitter, sharing the chart below, which shows that Binance US’s share of the American market has plummeted from 8% at the start of the year to 1.5% currently.

Binance US market share
US exchanges market shares | Source: Twitter @KaikoData

However, against the theory of insufficient liquidity speaks the fact that the price is currently no longer displayed on Binance US. In this respect, a data error seems more likely.

Pressure On Binance May Increase Further

Meanwhile, pressure on Binance in the US could continue to mount, even though the US Securities and Exchange Commission (SEC) and Binance US reached a tentative agreement last Friday, 16 June, over the threat of an asset freeze.

As NewsBTC reported, the proposed measures include restricting Binance officials’ access to private keys and disclosing business expenses. The settlement still needs to be approved by the relevant federal judge.

Related Reading

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Bitcoin Breaks Out Of Ichimoku Cloud, Storms Toward $28,000

1 year ago

Otherwise, Travis Kling, former equity portfolio manager and senior investment adviser at Ikigai Asset Management, commented via Twitter that there is currently a lot of chatter about the Blackrock Bitcoin ETF, “and rightfully so.” However, Kling sees Binance as an obstacle to the ETF, indirectly implying that Operation Choke Point 2.0 is not over yet:

One thing I’ll say- there is no chance, and I mean zero, that this ETF is approved with Binance in its current position of market dominance. If this ETF is approved, Binance is either gone entirely or their role in price discovery is massively diminished. If Binance holds on to its current level of influence, no chance this ETF is approved.

At press time, the Bitcoin price was at $28,859, breaking the downtrend that persisted since mid-April this year.

Bitcoin price
Bitcoin price breaks downtrend, 1-day chart | Source: BTCUSD on TradingView.com
Featured image from iStock, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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