Bitcoin Briefly Hits $100,000 On Binance, Then Crashes

Bitcoin (Pic Courtesy: AFP)

Bitcoin has been the talk of the cryptocurrency world due to its increasing price hike. In a staggering move on Sunday, Bitcoin briefly touched the $100,000 mark before on Binance at 4am London time, before it crashed down quickly.

The significant rise put the price of Bitcoin above $12,000 mark briefly before falling to the $10,500 mark and regaining itself to reach $11,000 mark. Sunday has been quite fluctuating for Bitcoin after it was stagnant for some time.

Changpeng Zhao, Binance’s CEO, said that the sudden price hike saw a user’s algo going ballistic, sending multiple orders to achieve it.

“Another day in crypto. We do have price band protection, but a user’s algo went ballistic and sent multiple orders to achieve this. We will likely have to adjust this chart a bit so that it’s readable in the future.”

Comparatively the crash recorded in Bitcoin was less in comparison to Ethereum. Ether has reached $427 mark before crashing from their. The entire scenario broke out in a span of five-odd minutes.

After everything got back to normal, Ethereum is now heading closer to $370 mark.