Bitcoin price flash spikes to $50K on Binance after USD Coin peg snaps
The market frenzy that started with the Silicon Valley Bank collapse is pushing BTC price higher but with some casualties left behind. The panic caused due to USD Coin's (USDC) depeg from the U.S. dollar manifested itself in a wrong order, costing traders $50,000 per Bitcoin (BTC), albeit for several minutes. Bitcoin price sees $50K in "fat finger" error The BTC/USDC pair on Binance flash spiked to $50,000 on March 12 around 7 pm UTC. The reason for the impulse spike is unknown and was likely due to a "fat finger" trade of a large order. BTC/USDC hourly price chart on Binance. Source: TradingView The potential reason for the flash spike is likely thin order books for the newly launched BTC-USDC pair on Binance. The exchange listed the pair only a few hours before the impulse price surge. According to a trader on Crypto Twitter, it is likely that a Bitcoin market order ate through the limit sell-orders on the pair up to $50,000. The pair's trading price re...