BTC/USDT Price Spike on Binance: Causes and Future Plans
Sudden BTC/USDT Price Spike
An unexpected event occurred on the BTC/USDT pair on Binance, where the price surged tenfold in multiple instances. The BTC/USDT perpetual contract price on Binance soared from approximately $42,000 to a staggering $420,000 several times. This anomaly is attributed to a visual error in the chart display, similar to a previous issue experienced by the platform.
Binance's Response
Binance has acknowledged the visual error affecting the USDT-margined BTC/USDT Futures chart. The leading crypto exchange reassured users that trading activities and funds remain unaffected, affirming that their team is diligently working to resolve the display issue. Despite the pricing error, Bitcoin's market value remained stable, with a slight decrease of 1.09% to $42,477 at the time.
Upcoming USDC-Margined Futures Contracts
Looking ahead, Binance is set to expand its trading offerings. The platform will launch USDC-margined perpetual contracts for Bitcoin, Ethereum (ETH), Binance Coin (BNB), Solana (SOL), and Ripple (XRP) early next year. The new contracts will be available from January 3, 2024, with leverage options up to 125x.
Promotional Trading Fee Discount
To mark the introduction of USDC-margined futures, Binance Futures is offering a 10% promotional trading fee discount. This incentive will be available on January 3, 2024, from 12:30 p.m. (UTC), encouraging traders to explore the new futures contracts with reduced fees.
By addressing the recent price spike and unveiling future trading options, Binance continues to fortify its position in the cryptocurrency market, ensuring user confidence and expanding its diverse trading portfolio.
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