{"id":553511,"date":"2023-09-29T12:00:18","date_gmt":"2023-09-29T12:00:18","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=553511"},"modified":"2024-06-11T08:09:10","modified_gmt":"2024-06-11T08:09:10","slug":"bitcoin-news-btc-price-drops-to-2700-on-binance-cz-explains-why","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/bitcoin-news-btc-price-drops-to-2700-on-binance-cz-explains-why\/","title":{"rendered":"Bitcoin News: BTC Price Drops To $2,700 On Binance, CZ Explains Why"},"content":{"rendered":"

In the last Bitcoin news, the price of the first cryptocurrency by market cap has been experiencing some gains on low timeframes. However, traders on the crypto exchange Binance were surprised when the BTC price suddenly dropped. <\/strong><\/p>\n

Related Reading: CRV Spikes 22% In 2 Weeks As Whale Withdraws From Binance<\/a><\/div>\n

As of the writing of this Bitcoin news, the cryptocurrency’s price trades above $27,000 for the first time in weeks. BTC recorded a 2% profit in the last 24 hours and seven days, while the price of Ethereum leads the incipient bullish momentum.<\/p>\n

\"Bitcoin
BTC’s price moving sideways on the daily chart. Source: BTCUSDT on Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

Shocking Bitcoin News For Traders On Binance<\/h2>\n

According to crypto report Colin Wu, the price of Bitcoin crashed on the trading venue from its current levels to as low as $2,700. As seen on the chart below, and unlike previous occasions, the crash took place on different occasions.<\/p>\n

\"Bitcoin
BTC’s price on Binance is acting up due to display issues. Source: Colin Wu on X<\/strong><\/a><\/figcaption><\/figure>\n

The incident was recorded at 16:17 UTC+8 time on the crypto exchange\u2019s perpetual futures platform. One of the most popular trading instruments on the crypto exchange, its CEO, Changpeng \u201cCZ\u201d Zhao<\/a>, responded to the incident.<\/p>\n

Via his personal X account, CZ said<\/a>:<\/p>\n

Root cause identified, some new code caused it. Need to revert and fix data. Engineers say 1hr ETA for fix. So, expect 2hr or so.<\/p><\/blockquote>\n

In a previous tweet, CZ clarified that a problem with the display for the trading pair caused the issue. The User Interface was unaffected, like the APIs connected to the platform.<\/p>\n

Thus, fortunately for traders on the platform, the incident failed to trigger any stop losses or margin calls for the BTC\/USDT futures positions.<\/p>\n

\n

This is a display ONLY issue. Trading not affected. https:\/\/t.co\/ZixcFVcxQU<\/a><\/p>\n

\u2014 CZ \ud83d\udd36 Binance (@cz_binance) September 29, 2023<\/a>\u00a0<\/span><\/p><\/blockquote>\n

BTC Price Analysis<\/h2>\n

On the other hand, despite this Bitcoin news, the BTC price seems to be stabilizing around $27,000<\/a> and could potentially flip this level as support, allowing for a bullish continuation. A pseudonym crypto analyst claims that the cryptocurrency remains below the 20-day moving average and 21-day exponential moving average.<\/p>\n

\"Bitcoin
BTC’s price is trading below two critical levels but with a shot at reclaiming them. Source: DaanCrypto on X<\/strong><\/a><\/figcaption><\/figure>\n
Related Reading: Why Is Bitcoin Price Up Today? Insights From Leading Analysts<\/a><\/div>\n

If the cryptocurrency can reclaim this territory, then bulls could have a shot of returning above $30,000. Looking at potential clues that could hint at further profits, the analyst said<\/a>:<\/p>\n

Bitcoin Open Interest came down a lot as price held steady. I said it yesterday but I’ll say it again, it’s looking a lot healthier than any prior dumps. This does not mean this can’t go down obviously. It does make it less likely to see these volatile up and down moves.<\/p><\/blockquote>\n

Cover image from Unsplash, charts from DaanCrypto on X and Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"

In the last Bitcoin news, the price of the first cryptocurrency by market cap has been experiencing some gains on low timeframes. However, traders on the crypto exchange Binance were surprised when the BTC price suddenly dropped. Related Reading: CRV Spikes 22% In 2 Weeks As Whale Withdraws From Binance As of the writing of this Bitcoin news, the cryptocurrency’s price trades above $27,000 for the first time in weeks. BTC recorded a 2% profit in the last 24 hours and seven days, while the price of Ethereum leads the incipient bullish momentum. Shocking Bitcoin News For Traders On Binance According to crypto report Colin Wu, the price of Bitcoin crashed on the trading venue from its current levels to as low as $2,700. As seen on the chart below, and unlike previous occasions, the crash took place on different occasions. The incident was recorded at 16:17 UTC+8 time on the crypto exchange\u2019s perpetual futures platform. One of the most popular trading instruments on the crypto exchange, its CEO, Changpeng \u201cCZ\u201d Zhao, responded to the incident. Via his personal X account, CZ said: Root cause identified, some new code caused it. Need to revert and fix data. Engineers say 1hr ETA for fix. So, expect 2hr or so. In a previous tweet, CZ clarified that a problem with the display for the trading pair caused the issue. The User Interface was unaffected, like the APIs connected to the platform. Thus, fortunately for traders on the platform, the incident failed to trigger any stop losses or margin calls for the BTC\/USDT futures positions. This is a display ONLY issue. Trading not affected. https:\/\/t.co\/ZixcFVcxQU \u2014 CZ \ud83d\udd36 Binance (@cz_binance) September 29, 2023\u00a0 BTC Price Analysis On the other hand, despite this Bitcoin news, the BTC price seems to be stabilizing around $27,000 and could potentially flip this level as support, allowing for a bullish continuation. A pseudonym crypto analyst claims that the cryptocurrency remains below the 20-day moving average and 21-day exponential moving average. Related Reading: Why Is Bitcoin Price Up Today? Insights From Leading Analysts If the cryptocurrency can reclaim this territory, then bulls could have a shot of returning above $30,000. Looking at potential clues that could hint at further profits, the analyst said: Bitcoin Open Interest came down a lot as price held steady. I said it yesterday but I’ll say it again, it’s looking a lot healthier than any prior dumps. This does not mean this can’t go down obviously. It does make it less likely to see these volatile up and down moves. Cover image from Unsplash, charts from DaanCrypto on X and Tradingview<\/p>\n","protected":false},"author":535,"featured_media":553516,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[10768,428,6047,680,1119,78790],"class_list":["post-553511","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance","tag-bitcoin","tag-bitcoin-price-action","tag-bitcoin-price-analysis","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin News: BTC Price Drops To $2,700 On Binance, CZ Explains<\/title>\n<meta name=\"description\" content=\"In the last Bitcoin news, the price of the first cryptocurrency by market cap has been experiencing some gains on low timeframes. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/shenyangcang.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin News: BTC Price Drops To $2,700 On Binance, CZ Explains Why","url":"http:\/\/shenyangcang.com\/news\/bitcoin-news-btc-price-drops-to-2700-on-binance-cz-explains-why\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/shenyangcang.com\/news\/bitcoin-news-btc-price-drops-to-2700-on-binance-cz-explains-why\/"},"thumbnailUrl":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/09\/Bitcoin-news-BTC-BTCUSDT-BTC-Price.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/09\/Bitcoin-news-BTC-BTCUSDT-BTC-Price.jpg?fit=640%2C427"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["binance","bitcoin","bitcoin price action","bitcoin price analysis","btc","btcusdt"],"dateCreated":"2023-09-29T12:00:18Z","datePublished":"2023-09-29T12:00:18Z","dateModified":"2024-06-11T08:09:10Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin News: BTC Price Drops To $2,700 On Binance, CZ Explains Why\",\"url\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/bitcoin-news-btc-price-drops-to-2700-on-binance-cz-explains-why\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/bitcoin-news-btc-price-drops-to-2700-on-binance-cz-explains-why\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Bitcoin-news-BTC-BTCUSDT-BTC-Price.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Bitcoin-news-BTC-BTCUSDT-BTC-Price.jpg?fit=640%2C427\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"binance\",\"bitcoin\",\"bitcoin price action\",\"bitcoin price analysis\",\"btc\",\"btcusdt\"],\"dateCreated\":\"2023-09-29T12:00:18Z\",\"datePublished\":\"2023-09-29T12:00:18Z\",\"dateModified\":\"2024-06-11T08:09:10Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/shenyangcang.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/09\/Bitcoin-news-BTC-BTCUSDT-BTC-Price.jpg?fit=640%2C427","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/553511"}],"collection":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/comments?post=553511"}],"version-history":[{"count":0,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/553511\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media\/553516"}],"wp:attachment":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media?parent=553511"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/categories?post=553511"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/tags?post=553511"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}