Bitcoin experienced double-digit losses today with a rapid descent that saw the leading cryptocurrency briefly fall below the $8,000 price point. The sudden sell-off led to a cascading effect on the BTC/BUSD pair on Binance which saw BTC flash crash to $1800.
Recently Binance released a stablecoin Binance USD (BUSD) which has been trading on the exchange for a few weeks now. The stablecoin, backed by both Binance and Paxful, is currently suffering from low liquidity, though, and experienced a flash crash on its BTC trading pair.
At around 20:00 UTC, the BTC/BUSD trading pair suffered a major sudden crash and someone ended up purchasing BTC for $1800. The books were too thin to account for Bitcoin’s double-digit losses today.