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What Caused Bitcoin (BTC) Price to Crash to $2,700 on Binance?

2 mins
Updated by Geraint Price
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In Brief

  • The Bitcoin (BTC) price suddenly dropped to $2,700 on Binance, causing panic among the cryptocurrency community.
  • Binance CEO, Changpeng Zhao, clarified that the price drop was due to a display issue and trading was not affected.
  • The incident sparked discussions about the potential impact of panic-induced transactions and future price actions of Bitcoin.
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Alarm bells were sounded on Friday when the price of Bitcoin (BTC) on Binance suddenly plunged to $2,700 from $27,000. The world’s biggest cryptocurrency exchanges in terms of trading volume suffered a glitch in its API which led to the temporary meltdown.

X (Twitter) users started sharing screenshots of the drop in Bitcoin price, demanding an explanation.

Binance Says Trading Not Affected

 Shortly, Changpeng Zhao, the CEO of Binance, posted on X:

Futures Kline (chart) display issue on BTCUSDT. The UI aggregated Kline has issue, the raw Kline via api is working fine. Trading not affected. Team is fixing.”

Binance Bitcoin price, BTC/USDT
BTC/USDT price on Binance. Source: X (Twitter)

Read more: Binance Review 2023: Is It the Right Crypto Exchange for You?

As a result of the issue, some community members complained that they faced liquidation. One X user wrote to Zhao:

 “My $200k just got liquidated. Can u fix it?”

However, Zhao repeated that it was a display-only issue and that trades were unaffected. Another community member questioned Zhao about concerns of traders who panic exited from trades due to the bug in the price display. They wrote:

“You say that transactions are not affected, but what about transactions that are closed in panic? There can be no such mistake.”

Due to the glitch, some joked that Binance was hinting at the future price-action of Bitcoin. Meanwhile, the community was awaiting the impact of around 118,000 Bitcoin options expiring later on Friday. The contracts have a notional value of $3.2 billion.

Read more: How To Trade Bitcoin Futures and Options Like a Pro

Do you have anything to say about the Bitcoin price on Binance or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Top crypto platforms in the US | December 2023


In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

Harsh Notariya
Harsh started investing in crypto during the 2021 bull market. He took the opportunity of the market crash in May to learn more about Bitcoin and blockchain technology. Since then, he has helped metaverse projects build an engaging community and educate them on Web3. He has also helped Web3 creators write educational blogs around crypto.