A Bitcoin whale triggered a flash crash in the price of Bitcoin on the leading crypto exchange Binance.
The founder of Nugget’s News, Alex Saunders, tracked the big sell order of 6,500 BTC at $12,100 in real time on Twitter. The order, worth about $78.6 million, was quickly eaten away by bullish traders buying the dip.
— Alex Saunders (@AlexSaundersAU) July 9, 2019
In moments, the order dropped the price of BTC on Binance from just over $12,600 to around $12,100. The price quickly recovered and is now at $12,510 at time of writing.
The whale’s impact can also be seen on the crypto price tracker CoinMarketCap, which compiles the price of Bitcoin using an average of the price of BTC on Binance and other exchanges.
Bitcoin is up 5.32% in the last 24 hours, according to CMC. The coin’s dominance of the overall crypto market cap now stands at 64.19% – a new high for 2019.