Globe’s leading crypto exchange by trading volume has halted all Futures trading on 9:35 AM Friday morning, sending shockwaves through the market. Indeed, two top-tier digital assets Bitcoin (BTC) & Ethereum (ETH) slumped to over 2% in an hour when the incident happened.
BTC, ETH Prices Tumble Amid Binance’s Futures Flop
The flagship crypto asset BTC slumped to $110,000 despite trading above $113K yesterday evening. This distances BTC’s price 11.4% from the freshly-claimed all-time record of $128,128 hit 15 days ago.
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With the overall 24-hour trading volume at $147,061,847,777, intense trading days like these can cause technical hiccups, even though Binance kept it pretty vague about the bug’s nature. Nevertheless, the technical issues affecting all of Binance’s Futures UM trading have been solved in approximately 25 minutes.
Accounting for approximately half of the globe’s leverage-enabled trading volume, Binance has moved from mainly USDT-margined futures trading to the more regulatory compliant USDC. As the market watchers are looking forward to Fed Chair Powell’s Jackson Hole speech, the timing of this hiccup is spicy enough to cause further turbulence.
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Binance paused USD-Margined (UM) futures trading due to a technical glitch, from 6:35 AM to 7:00 AM GMT. Trading was fully restored by 7:00 AM GMT.
Notably, a system issue hit Binance’s Unified Margin platform, affecting all futures contracts and transfers. However, the exact cause wasn’t disclosed.
It lasted about 25 minutes, from 6:35 AM to 7:00 AM GMT.
Binance reported no impact on client funds or positions, but traders couldn’t manage futures positions during the outage.
Yep, they’ve had issues, like a two-hour spot market freeze in 2023 due to a software bug. Major platforms can get glitchy!
