The price of Bitcoin (BTC) paired with the stablecoin Tether (USDT) on Binance suddenly increased almost tenfold.
According to Chinese journalist Colin Wu, the price of the BTC/USDT perpetual contract on the largest cryptocurrency exchange Binance jumped from $42,000 to $420,000 on Dec. 29.
The now former CEO of the platform, Changpeng Zhao, said that the reason was a problem with the display of the graph, a similar problem which occurred in September.
Later, the Binance team also wrote to X about an error. The developers noted that they are working to solve the problem and that trading operations continue as normal and were not affected by the incident.
According to CoinMarketCap, BTC is now trading at $42,457 though in 24 hours trading the price of a single coin has dropped by 1.3%.
For two weeks, the price of Bitcoin has not shown any signs of growth decreasing by 0.6% during that period. However, over the year, the price of BTC increased by 156% and the asset’s market capitalization now exceeds $830 billion beating out major stocks like Apple and Meta in terms of year on year performance. Still, the original crypto is trading 38% below its all time high of $68,000, hit in November 2021.