Bitcoin rises to $138,070 in seconds on cryptocurrency exchange Binance.US

The Bitcoin cryptocurrency more than quadrupled in a second. It happened on the cryptocurrency exchange Binance.US.

Here's What We Know

The cryptocurrency's value rose to $138,070 for a moment, an increase of about 350% from the current rate. Compared to the all-time high reached in November 2021, the rate has doubled.

Although the jump lasted a few seconds, it was enough for 62.22 BTC to be traded on the exchange. Bitcoin was exchanged for the cryptocurrency USDT, which has a value of $1.

Cases like this are called flash crashes. They usually accompany a sharp fall in the exchange rate rather than a rise. In mid-fall 2021, for example, Bitcoin fell 87% from $65,000 to $8,200 for a short period of time.

The current jump in the BTC exchange rate is caused by low liquidity on the Binance.US exchange. The reason is a conflict with banks and regulators, which caused the exchange to stop trading in fiat U.S. dollars.