Due to a price glitch, Bitcoin (BTC) recently skyrocketed by an unprecedented 900% margin from $42,000 to $420,000 on the Binance futures and perpetual market, in what appears to be an apparent glitch.
Renowned blockchain reporter Colin Wu first highlighted the development in a post on X today. According to the disclosure, the issue affected the BTC/USDT perpetual pair, resulting in a series of illegitimate price surges on multiple occasions today.
Data from the Binance market chart confirms the disclosure, indicating that Bitcoin indeed appreciated $428,391 today. This figure represents a massive 907% increase from Bitcoin’s actual value of $42,524 at the time of the incident.
Following the event, Binance immediately sent out an announcement on X, acknowledging the anomaly. According to the exchange’s release, the incident was triggered by a visual display issue and not a fundamental flaw with the platform’s trading infrastructure.
Binance stressed that the anomaly does not impact customers’ perpetual trades and market positions. This statement was corroborated by some users who acknowledged that the system did not liquidate their leveraged positions despite the price glitch.
Less than 30 minutes later, the Binance support confirmed that the team in charge had resolved the issue. The platform assured customers that they could now view the chart without any visual display issues.
Binance Witnesses Price Glitches
This is the second time in the past four months that Binance has witnessed a price glitch involving Bitcoin. In September, The Crypto Basic called attention to a shocking BTC price collapse, which sent the firstborn crypto to a six-year low of $2,700. BTC’s actual value was $27,124 then.
Notably, Binance founder Changpeng “CZ” Zhao, who served as the firm’s CEO then, immediately released a statement on the issue to allay investor concerns. Zhao emphasized that the glitch involved a visual display issue and had no impact on trading infrastructure.
As a result, no trader recorded losses or liquidations due to the incident. Binance also resolved the anomaly within a short period. Zhao revealed that the engineers in charge had deployed a new code to handle the issue, which involved a Kline display problem.
In October, members of the XRP community also pointed out a similar price glitch, which took XRP’s price to a range of $579 to $5,800. The token was trading for $0.579 at the time.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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