The value of Bitcoin (BTC) in conjunction with the stablecoin Tether (USDT) on Binance experienced an abrupt surge of nearly ten times its previous level.
As reported by Chinese journalist Colin Wu, on December 29, the value of the BTC/USDT perpetual contract on the prominent cryptocurrency exchange Binance surged from $42,000 to $420,000.
The price of Binance BTC/USDT Perpetual Contract suddenly rose from around $42,000 to $420,000 multiple times today. Binance had previously experienced a similar problem in September. CZ said that there was a problem with the chart display. https://t.co/4XoqrhiOsZ pic.twitter.com/L8xz8VgZCG
— Wu Blockchain (@WuBlockchain) December 29, 2023
The former CEO of the platform, Changpeng Zhao, explained that the cause of the issue was a display error in the graph, a situation similar to one that occurred in September.
Subsequently, the Binance team communicated via X regarding the error. The developers mentioned that they are actively addressing the issue and assured that trading operations are ongoing without disruption, unaffected by the incident.
We’re aware of a visual error with chart display on USDT-Margined BTC/USDT Futures.
Do note that Trading is not impacted, and our team is working on resolving the issue as soon as possible.
Funds are SAFU.
— Binance (@binance) December 29, 2023
As per CoinMarketCap, BTC is currently trading at $42,457. However, within the past 24 hours of trading, the price of an individual coin has experienced a decline of 1.3%.
Over the past two weeks, the price of Bitcoin has demonstrated a stagnant trend, registering a 0.6% decline during this period. Nevertheless, over the course of the year, the price of BTC has surged by 156%, propelling the asset’s market capitalization beyond $830 billion. This surpasses the year-on-year performance of significant stocks such as Apple and Meta. However, it’s worth noting that the original cryptocurrency is currently trading 38% below its all-time high of $68,000, reached in November 2021.
