Bitcoin temporarily crashed 87% to about $8,000 on but only on Binance

Bitcoin stumbled to $8,200 on Binance’s trading platform. This temporal decline in the leading cryptocurrency was an 87% fall from $65,815.Binance’s CEO Changpeng Zhao tweeted: “Expect very high volatility in #crypto over the next few months.”

The coin had been trading around $65,000 when Binance posted a candle that showed the price sank to about $8,000, Cointelegraph first reported, adding that the coin’s one-minute candle floor on other crypto platforms was about $64,000.

In an email to Bloomberg, the company said: “One of our institutional traders indicated to us that they had a bug in their trading algorithm, which appears to have caused the sell-off. We are continuing to look into the event, but understand from the trader that they have now fixed their bug and that the issue appears to have been resolved”.