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Bitcoin price flash spikes to $50K on Binance after USD Coin peg snaps

Mar 13, 2023 · 1 min read · 43 points
Bitcoin price flash spikes to $50K on Binance after USD Coin peg snaps
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The Silicon Valley Bank collapse and USD Coin depeg stir up extreme Bitcoin price volatility.

Highlights

  • BTC/USDC pair on Binance flash spiked to $50,000 on March 12 around 7:00 pm UTC.
  • The reason for the impulse spike is unknown and was likely due to a “fat finger” trade of a large order.
  • The panic caused due to USD Coin’s depeg from the U.S.
  • dollar manifested itself in a wrong order, costing traders $50K per Bitcoin (BTC) The pair’s trading price returned toward the market spot price of around $22,000 in minutes following the spike, suggesting it was an isolated incident.
  • In August 2017, a flash crash on GDAX, now called Coinbase Pro, saw Ether prices plummet to as low as $0.1.
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