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
Are we approaching the conclusion of Tim Cook’s leadership at Apple?
Beloved San Francisco feline’s passing intensifies backlash against Waymo
Bitcoin News Today: As cryptocurrency earnings decline, Bitcoin miners shift focus to AI
- Bitcoin miners pivot to AI infrastructure as crypto profits decline, with Bitfarms planning to shut down mining by 2027 and retrofit facilities with Nvidia GPUs. - Industry leaders like Cipher Mining and Digi Power X secure AI deals with AWS/Microsoft, driven by Bitcoin's near-break-even hash price and thinning margins. - Political ties emerge as Scaramucci family invests $100M+ in American Bitcoin , highlighting crypto's role in cross-partisan financial strategies despite equipment controversies. - Anal
DASH Aster DEX Integration: Strategic Impact on Institutional Cryptocurrency Adoption
- Aster DEX's hybrid AMM-CEX model boosted TVL to $17.35B post-TGE, attracting institutional investors with multi-chain interoperability and dual-income mechanisms. - Binance's CZ purchasing $2M DASH tokens triggered 30% price surge, signaling institutional confidence despite unconfirmed DASH-Aster partnership. - Regulatory risks and October 2025 cybersecurity incident highlight operational challenges, though delayed token unlocks prioritize ecosystem stability. - The listing represents strategic DeFi adop
Trending news
MoreCrypto prices
More
