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RE: LeoThread 2023-06-22 15:59

in LeoFinance • 2 years ago

1/🧵 In the dynamic world of crypto, unexpected events captivate attention. Binance.US saw a surge in Bitcoin prices, reaching $138,000. Let's explore the details.

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2/🧵 The Bizarre Wick on Binance.US: At 6:50 a.m. UTC, btc/tether pair witnessed an inexplicable surge. What caused this wick on Binance.US?

3/🧵 Low Liquidity and Market Depth: Bitcoin against tether on Binance.US had alarmingly low liquidity. $400k buy could cause a 2% price increase.

4/🧵 The Exodus of Market Makers and Traders: Market depth declined by 76% on Binance.US. Traders have left, contributing to low liquidity.

5/🧵 Unraveling the Mystery: The Bitcoin surge on Binance.US was unlikely a deliberate attempt to drive up the price due to exorbitant premiums.

6/🧵 The Impact on Binance.US: Recent events have cast doubt on the exchange's reputation. Market depth has plummeted, raising concerns.

7/🧵 Looking Towards the Future: Exchanges must address liquidity concerns and foster an environment that encourages market makers and traders.