Binance BTC/USDT perpetual contract witnesses an extraordinary price jump from $42,000 to $420,000.
Binance attributes this anomaly to a chart display issue, assuring that trading and funds remain unaffected.
In a startling development reported by Colin Wu, a noted Chinese journalist specializing in blockchain and cryptocurrency, Binance’s BTC/USDT futures trading pair displayed an unprecedented spike in price. This incident, as documented by Wu Blockchain, saw the BTC/USDT perpetual contract on Binance momentarily escalate from approximately $42,000 to a staggering $420,000 on several occasions early today.
This peculiar fluctuation, reminiscent of a similar situation that Binance encountered last September, has raised eyebrows in the crypto community. Changpeng “CZ” Zhao, the former CEO of Binance, had previously ascribed such irregularities to glitches in the chart display.
The surge was visually captured in a Bitcoin price chart, showcasing an extreme candle reaching highs of $428,391. Binance, acknowledging this discrepancy, released a statement on X (formerly Twitter), highlighting their awareness of a ‘visual error’ affecting the chart display of the USDT-margined BTC/USDT Futures.
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://binance.com/en/futures/BTCUSDT
https://twitter.com/WuBlockchain/status/1740649162662944847/photo/1
— Wu Blockchain (@WuBlockchain) Dec 29, 2023
They reassured users that trading operations were not impacted, and funds were secure and safeguarded (SAFU). Binance’s prompt response and commitment to resolving the issue swiftly were well-received by the trading community. A tweet from the official Binance account read,
WE’RE AWARE OF THE DISPLAY ERROR ON BTC/USDT FUTURES AND ARE WORKING ON A FIX. REST ASSURED, YOUR TRADES AND FUNDS ARE SAFE. #BINANCE #SAFU.
Following the surge, Binance quickly addressed the situation, emphasizing that the abnormal price movements were solely visual and did not reflect actual market trades. The exchange reassured its users that despite the display error, the trading system’s integrity remained intact and user funds were protected.
Previous Incidents and Responses
This is not the first time Binance has encountered such issues. Similar instances were reported in September, where Binance faced chart display problems. Each time, Binance has been prompt in acknowledging the issues and ensuring that they do not affect the trading experience.
Expansion of Trading Options
In light of these events, Binance continues to expand its trading options. Recently, they announced the introduction of USDC-margined futures contracts, set to launch early next year with options for Bitcoin, ETH, BNB, SOL, and XRP. This expansion signifies Binance’s ongoing commitment to diversifying and enhancing trading experiences for its users.
