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.
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.
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.