The price of Bitcoin (BTC) paired with stablecoin Tether (USDT) on Binance has suddenly increased almost tenfold.
According to Chinese journalist Colin Wu, the price of the BTC/USDT perpetual contract on the largest cryptocurrency trading platform Binance jumped from $42,000 to $420,000 on December 29.
The former CEO of the platform, Changpeng Zhao CZ, said. The cause was a chart display issue, a similar issue that occurred in September.
Later, the Binance team also wrote to X about an error. The developers indicated that they are working to solve the problem and that trading operations are continuing normally and were not affected by the incident.
According to CoinMarketCap, BTC is now trading at $42,457. Despite the currency price falling by 1.3% within 24 hours.
BTC price accidentally rose to $420,000 on Binance for two weeks. Bitcoin price showed no signs of growth with a 0.6% decline during that period. However, throughout the year. The price of Bitcoin has risen by 156% and the market cap of the asset now exceeds $830 billion. Outperforming major stocks like Apple and Meta in terms of year-over-year performance. However, the native cryptocurrency is trading 38% below its all-time high of $68,000. Which I reached in November 2021.
