Bitcoin Trades For Over $10,000 On Binance Stable Coin Trading Pair

Tony "The Bull" Severino

1 year ago

3 mins read

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This week, a massive Bitcoin rally shook up the entire crypto market with a powerful move that may have signaled the end of the long, painful bear market that’s been plaguing the asset class ever since the hype bubble popped at the end of 2017.

The price of Bitcoin skyrocketed from under $4,200 to over $5,000 in a matter of an hour or so. On one exchange, however, a stable coin trading pair against BTC saw Bitcoin traded at a price of over $10,000 briefly, costing one investor over double the current price of Bitcoin.

Bitcoin Over $10K? Only On One Stable Coin Trading Pair

While the price of Bitcoin is roughly $5,000 across most exchanges at this very moment, during the massive rally crypto markets experienced this week, the price per BTC on a stable coin trading pair traded for over $10,000 momentarily.

Wait, what ?? $BTC was traded at $10999 against USDS at @binance pic.twitter.com/Jnekbn2kPR

— Blackbeard (@blackbeardXBT) April 2, 2019

On Binance, the price charts for the USDS/BTC trading pair show a candle wick all the way up to a 24-hour high of $10,999. StableUSD (USDS) is a fiat-backed stable coin created by Stably, Inc.

Some traders jokingly suggested the price spike was a “glimpse into the future” of Bitcoin, while others began speculating on what occurred that caused the unfortunate order execution.

StableUSD is currently ranked 419 on crypto metrics site CoinMarketCap, so the relatively thin order book may have caused a market buy to jack the price of BTC up significantly in order to fill the entire order, clearing out the order book in the process.

When Will BTC Revisit $10,000?

The last time Bitcoin traded over $10,000 was over one year ago, on March 7, 2018. The rally failed, sending Bitcoin back down to test the $6,000 support that eventually broke after repeated visits, leading the market into the range the crypto asset just exited.

According to analysts, Bitcoin is expected to revisit its previous all-time high of $20,000 around March 2021, if past crypto market bear and bull cycles are anything to go by. The team of analysts base their prediction on the Bitcoin halving, an event that reduces the block reward that miners receive for validating a Bitcoin block. The price of Bitcoin is expected to rise in anticipation of the event, which depletes the available supply of BTC that miners sell into the market.

From here, $10,000 would represent a 100% gain, which isn’t unheard of for the leading crypto asset by market cap. In fact, the last time Bitcoin broke above $5,000 was in October 2017, and two months later, BiTC had skyrocketed to $20,000 due to feverish FOMO by retail investors and media hype.

Given the how ferocious sellers were throughout the bear market, a sudden spike to $20,000 is extremely unlikely, however, stranger things have happened in the crypto space.

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

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In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.