Cryptocurrency market collapsed yesterday with a huge drop in Bitcoin price, and all major altcoins also suffered double-digit losses.
In the middle of this, The real shocking news cames from Binance, where the proprietary stablecoin of the exchange- Binance USD(BUSD) faced a flash crash. This crash against BTC for a fraction of time took the BTC/BUSD pair to $1,800 as trading bots, and algo traders amplified the sell-off.
This flash crash happened because of low liquidity of BTC/BUSD, and the pair stabilized quickly. But what’s shocking is that someone was able to get their hands on 20 BTC for $1,800.
On the other hand, Binance Coin(BNB) also experienced intense selling pressure as BNB/USD lost about 18% of its value in the last 24-hours and traded at $15.96. Binance has announced the launch of Binance US which went live on 24th September.