Binance experiences accidental surge as BTC price skyrockets to $420k
Bitcoin’s price paired with Tether on Binance experienced an astonishing surge, increasing almost tenfold. On December 29, the BTC/USDT perpetual contract on Binance skyrocketed from $42,000 to $420,000, as reported by Chinese journalist Colin Wu. Changpeng Zhao, the former CEO of Binance, attributed this sudden surge to a graph display problem, similar to a previous incident in September.
Binance’s team promptly addressed the issue and assured users that trading operations were unaffected by the incident. CoinMarketCap currently lists Bitcoin’s price at $42,457, with a 1.3% decrease in the past 24 hours.
Over the past two weeks, Bitcoin’s price has remained relatively stagnant, experiencing a slight decrease of 0.6%. However, looking at the bigger picture, Bitcoin’s price has surged by 156% throughout the year. Its market capitalization has also surpassed $830 billion, outperforming major stocks like Apple and Meta in terms of year-on-year performance. Despite these impressive numbers, Bitcoin is still trading 38% below its all-time high of $68,000, which was reached in November 2021.
In related news, Bitcoin price predictions often fail to accurately forecast the market’s movements. Stay updated by following us on Google News.
