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Bitcoin Price Touched $138K on Binance US: Here’s Why

Bitcoin's price hit $138K on Binance US.
George Georgiev

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Bitcoin’s price is trading at around the $30K mark on major exchanges, but it skyrocketed to $138K yesterday on Binance US.

  • Volatility and market turbulence are things most traders are used to in the field of crypto, but it’s not every day we see Bitcoin’s price shoot up 450%.
  • The move happened only on Binance US – an exchange that’s going through some serious turmoil and has seen its market depth reduce by some 80%.
  • Therefore, the wick came as a consequence of the thin liquidity on the exchange and the BTC-USDT market pair in particular.
btc_price_chart_2206232
Source: Binance via TradingView

 

  • At the time, the overall trading volume on the BTC-USDT market pair was around $400,000. Right now, it’s close to $12 million, which is still particularly illiquid.
  • For comparison, the current volume on the BTC-USDT market pair on Binance is close to $3 billion for the past 24 hours alone.
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Bitcoin (BTC) Price
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About the author

George Georgiev
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Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over 8 years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping.