Bitcoin Price Touched $138K on Binance US: Here’s Why

Bitcoin’s price is trading at around the $30K mark on major exchanges, but it skyrocketed to $138K yesterday on Binance US.

  • Volatility and market turbulence are things most traders are used to in the field of crypto, but it’s not every day we see Bitcoin’s price shoot up 450%.
  • The move happened only on Binance US – an exchange that’s going through some serious turmoil and has seen its market depth reduce by some 80%.
  • Therefore, the wick came as a consequence of the thin liquidity on the exchange and the BTC-USDT market pair in particular.
Source: Binance via TradingView

  • At the time, the overall trading volume on the BTC-USDT market pair was around $400,000. Right now, it’s close to $12 million, which is still particularly illiquid.
  • For comparison, the current volume on the BTC-USDT market pair on Binance is close to $3 billion for the past 24 hours alone.

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