Twitter user Crypto Santa noticedthat at this moment the price of Bitcoin jumped to near maximum values ​​of $ 50 thousand The last time the first cryptocurrency cost so much was in 2021. It turned out that a short-term jump in price can be explained.

Bitcoin price hits $50,000, but only for a minute

On the night of March 12, trading in the BTC/USDC trading pair on the Binance cryptocurrency exchange took place for a full minute at a rate of $50,000 per 1 Bitcoin. Twitter users were quick to react to the price increase, but it turned out that they couldn’t make any money on this.

Such a high Bitcoin price is due to the low liquidity of the trading pair. The BTC/USDC link, within which the rate rose, opened for trading only a few hours earlier. Due to the low number of transactions, the order of the user who placed the price of $50 thousand in Bitcoin was the only one for a whole minute.

However, a short-term increase in the price of cryptocurrency does not mean that someone sold $50,000 worth of tokens. Cointelegraph, referring to a Twitter user with the nickname Alinuxer, clarifies that the amount of the transaction could have been several dollars.

One minute after the incident, the price of Bitcoin returned to the usual $22,000.

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Grigory Shcheglov

Source: RB

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I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.


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