Bitcoin Price Spikes to $138K on Binance.US
The exchange’s market depth has declined nearly 80% over the past month on regulatory woes.
Bitcoin temporarily surged to as much as $138,000 on crypto exchange earlier today in a sudden price wick on the btc/tether trading pair, .
Prices shot up to those levels for a few seconds at 6:50 a.m. UTC before immediately reverting to parity with other bitcoin spot markets. Other trading pairs for bitcoin traded as normal.
The move was unlikely to have been caused by a trader wanting to pay a nearly 450% premium for bitcoin, which currently exchanges hands for just over $29,000 in European morning hours on Wednesday.
Instead, the bizarre wick likely came amid low liquidity for bitcoin against tether on . Market depth data shows a $400,000 bitcoin buy on this trading pair can increase prices by 2%, compared to a minimum of $842,000 for the same impact on a bitcoin/USD trade pair.
Market depth refers to the level of liquidity in a financial market. As such, ’s market depth has dropped 76% compared to May, as per earlier this month, suggesting market makers and traders have fled from the exchange.
Edited by Oliver Knight.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Gundlach Cautions That Inflated Markets and Unstable Loans Could Trigger a Financial Crisis
- Jeffrey Gundlach warns U.S. equity market is "least healthy" and predicts private credit crisis due to "garbage loans" and weak underwriting. - He advises 20% cash allocation, reduced AI/data-center speculation, and compares private credit growth to 2006 subprime crisis, citing recent firm failures. - Recommends rebalancing portfolios: 40% global equities, 25% non-dollar bonds, and 15% gold as hedge amid dollar weakness and inflation. - Criticizes AI mania as "dot-com bubble" repeat, with NYU's Damodaran
Mexico Thwarts U.S. Cartel Raids, Cites 1848 Lesson on National Sovereignty
- Mexico's President Sheinbaum rejects Trump's cartel strike proposal, invoking 1848 sovereignty lesson to defend national autonomy. - Tensions escalate as Mexico removes U.S. contractors' "Restricted Area" signs near Rio Grande, citing border disputes and environmental concerns. - Trump's hardline drug rhetoric clashes with Mexico's sovereignty stance, highlighting strained U.S.-Mexico relations over border security and governance. - Sheinbaum balances U.S. cooperation with sovereignty defense, while Trum
Bitcoin News Update: New Hampshire Connects Cryptocurrency and Conventional Finance Through Innovative $100M Bond
- New Hampshire becomes first U.S. state to issue $100M Bitcoin-backed municipal bond, setting global precedent. - Bond uses 160% Bitcoin over-collateralization with automated liquidation, shielding taxpayers while enabling crypto-backed lending. - Governor Ayotte emphasizes risk-free innovation, directing proceeds to a Bitcoin Economic Development Fund for entrepreneurship. - Structured by Wave Digital Assets and Orrick, the bond bridges traditional finance and crypto, avoiding taxable events for borrower
Ethereum Updates: Bridging Traditional Finance and Blockchain—Privacy-Focused Solutions Draw Institutional Interest
- 21Shares launches Canton Network ETP on Euronext, offering exposure to JPMorgan-backed blockchain platform with institutional-grade privacy and interoperability. - 0xbow secures $3.5M seed funding for Privacy Pools, Ethereum's first integrated privacy tool using zero-knowledge proofs to enable compliant financial privacy. - Institutional adoption accelerates as Canton Network and Privacy Pools demonstrate blockchain's potential to merge traditional finance with regulatory-compliant innovation. - Ethereum
Trending news
MoreCrypto prices
More
