Bitcoin Price Touched $138K on Binance US: Here_s Why

2023-06-22 10:54:24

Bitcoin’s price is trading at around the $30K mark on major exchanges, but it skyrocketed to $138K yesterday on Binance US.

Volatility and market turbulence are things most traders are used to in the field of crypto, but it’s not every day we see Bitcoin’s price shoot up 450%.
The move happened only on Binance US – an exchange that’s going through some serious turmoil and has seen its market depth reduce by some 80%.
Therefore, the wick came as a consequence of the thin liquidity on the exchange and the BTC-USDT market pair in particular.

Source: Binance via TradingView* At the time, the overall trading volume on the BTC-USDT market pair was around $400,000. Right now, it’s close to $12 million, which is still particularly illiquid.

For comparison, the current volume on the BTC-USDT market pair on Binance is close to $3 billion for the past 24 hours alone.

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