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

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 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.

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

— Blackbeard (@crypto_blkbeard) 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.

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Related Reading | Crypto Community Speculates On What Triggered Massive Bitcoin Price Rally 

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.

Related Reading | From Banks To Funds To Brokers, Everyone Outside of Crypto Is Talking Bitcoin Today 

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.

Tags: $10000BinancebitcoinStableUSDUSDS
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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