The glitch on the Binance futures chart caused instant panic for Bitcoin investors. There was a temporary panic in the crypto market due to a glitch on the Binance futures chart. Let’s look at the details.
Bitcoin drops to $2,700
During this event, the Bitcoin (BTC) price experienced a sudden drop from $27,000 to $2,700. But then it quickly returned to $27,000. Other data providers did not record such fluctuations. Therefore, this price action anomaly appeared to be specific to Binance’s chart.
Following this development, CZ, CEO of the Bitcoin exchange, addressed the situation. Accordingly, Binance CEO quickly issued a statement to clarify the situation. In his statement, he stated that the issue was specific to the display of the BTCUSDT futures chart. He also confirmed that it does not affect actual trading or market conditions on the platform. CZ said, “There was a display problem on the BTCUSDT futures chart. There is a problem with the graphic in the user interface. However, there is no problem with the graphics received via the API. The team is working to fix this. “Meanwhile, trading is unaffected.” says.
CZ also explained the source of the problem
CZ also gave information about the root cause of the problem. He explained that the issue was caused by the use of some newly added code elements to the chart. The Bitcoin exchange Binance team immediately identified the source of the problem and began to resolve it. CZ reassured users by stating that the issue would be addressed and resolved within approximately two hours.
Futures Kline (chart) display issue on BTCUSDT. The UI aggregated Kline has issue, the raw Kline via api is working fine.
Trading not affected.
Team is fixing.
— CZ 🔶 Binance (@cz_binance) September 29, 2023
This incident explains that even a minor disruption will cause significant confusion among traders and investors. On the other hand, it is also important to eliminate concerns as a result of disruptions. Accordingly, it underlines the importance of technical alertness and quick response in the Bitcoin and altcoin markets.
Solution of problems
The crypto market continues to evolve. On the other hand, it is important to ensure the integrity and accuracy of market data of Bitcoin-focused platforms and exchanges. Accordingly, it is necessary to protect the interests of participants and promote trust in the broader digital asset ecosystem. In this context, it remains crucial that they maintain robust monitoring and protection measures.
When we look at it from Kriptokoin.com, the move indicates a momentary situation. On the other hand, it is also admirable that Binance CEO made an instant statement. Thus, it isolates concerns in the cryptocurrency market. Thus, investor confidence gradually increases. Let’s see what will happen in the coming hours.
