Bitcoin price has been climbing sharply since last Thursday, when BlackRock filed its Bitcoin spot ETF application. Reaching the local low of $24,819 with Tether FUD, the BTC price is up over 16% since BlackRock news broke. Here are the details…
Bitcoin hits $138,070 on Binance.US
During critical cryptocurrency price movements, Bitcoin’s price jumped on an exchange. Some Binance US users are reporting that the Bitcoin price has reached over $138,000 on the exchange. Popular Twitter account @MikeBurgersburg: “Lolololol- Bitcoin just hit $138,070 on Binance US. Is everything all right there, CZ?” he wrote. The anomaly was also shared by Twitter user @OperationAjax, who shared the screenshot below.
Lololololol- Bitcoin hit $138,070 on Binance US a little bit ago.
Everything ok over there, CZ? https://t.co/qPTpwt2aFL pic.twitter.com/9kM7k2Et3X
— DIRTY BUBBLE MEDIA: GOOD LUCK, GOOD BYE. (@MikeBurgersburg) June 21, 2023
The tweet included:
I think someone broke the coin maker on @BinanceUS. Someone put them in “UltraWASH Mode” and sent BTC/Tether for $140,000.
No comment from Binance about the price difference
At the time of writing, neither Binance US nor Binance CEO Changpeng Zhao commented on the Bitcoin price anomaly. Therefore, what it is can only be speculated. The most likely explanation is an internal data error. However, other reasons are also being considered, such as insufficient liquidity in the exchange, which led to the extraordinary price. As market data provider Kaiko reported, Binance US trading volumes have fallen since the start of the year.
“The US crypto exchange market is more troubling than ever before,” Kaiko wrote on Twitter. He shared the chart below showing that Binance US’s share of the American market fell from 8 percent at the beginning of the year to 1.5 percent. However, against the theory of insufficient liquidity, the fact that the price is no longer displayed on Binance US at the moment speaks. In this context, a data error seems more likely.
Meanwhile, pressure on Binance in the US may continue to increase, even though the US Securities and Exchange Commission (SEC) and Binance US reached a tentative agreement last Friday (June 16) over the threat of an asset freeze. Proposed measures include restricting Binance officials’ access to private keys and disclosing business spending. The deal still needs to be approved by the relevant federal judge.
ETF is awaited by many
On the other hand, Travis Kling, former stock portfolio manager and senior investment advisor of Ikigai Asset Management, made a statement. In a statement on Twitter, he stated that there has been a lot of talk “rightfully” about the Blackrock Bitcoin ETF. However, Kling sees Binance as an obstacle to the ETF. It implicitly implies that the Choke Point 2.0 operation is not over yet:
I have only one thing to say: With the current market dominance of Binance, this ETF is unlikely to be approved, so zero. If this ETF is approved, Binance will either disappear completely or its role in price discovery will be greatly reduced. If Binance maintains its current level of influence, this ETF has no chance of being approved.
