Bitocin spikes 370% in 5min on the Binance Nigerian Nira BTC/NGN pair

One of the biggest cryptocurrency exchanges in the world is Binance. It has the most trading volume and hosts dozens of altcoins to trade against BTC, ETH USDT and several of the other stable coins pegged to the US dollar. I have been using it for a few years wever since I started trading and learned about cryptocurrency. If you want to trade altcoins then this is one of the popular sites.

Recently thy even added fiat pairs and it looks like one can deposit at least 10 different fiat currencies from around the world, like the Ruble, South African Rand, Euro, British Pound and Nigerian Nira. So this is a highly accredited exchange with millions of dollars going through its accounts daily on a 24 hour basis. If anyone is setting the world standard as leaders in the field of exchanges it’s them.

Which is why I found a recent anomaly very bewildering. Did anyone notice the spike on the BTC/NGN chart yesterday? I’m takling about a massive spike in Bitcoin price as traded against the Nigerian Nira. In fact it was two spikes on two five minute candles at exactly 20h45 GMT on 13 July 2020. These spikes were precisely 375% to the upside in the price of one Bitcoin in the first spike and slightly less in the second spike. I mean this is absolutely mind blowing. Just have a look at the chart above and see for yourself. The two spikes are so big that they don’t even fit in the chart, compared to the little price candles normally traded.

This was obviously an anomaly or freak incident, but nevertheless it can’t be ignored or dismissed because if it is legitimate, and price shot up 375% in a minute, and then back again, it implies that all the sell orders waiting at those high prices got filled. In theory that i what the spike on the chart implies. The price would not simply push up like that without liquidating all the shorts or sell orders, as well as filling all the buy orders set at those prices that were passed by on the way up to that dizzy height.

The mind boggles. Some clever Nigerian who was watching the price action at the time and waiting for a price to sell his or her bitcoin, could have simply sold at the top of that spike and made a quick 3x their money. Imagine tripling your money in under five minutes. And it happened twice. Anyway, I thought it looks so mad that I took a snapshot of it so that you can see it in the image above.

We have to wonder how Binance fulfilled the trades that were executed by those two price spikes. Sometimes in trading the algorithms maybe have a glitch I presume. Does anyone have any idea what that was all about? I am hoping to hear some explanations in the comments of just what happened there with the bitcoin price skyrocketing 370% in a minute and doing it a second time. If someone was behind some sort of manipulation, then they could easily make 3x their million or whatever, without anyone thinking it was anything more than a glitch and just ignore it.

But if it executed all those trades at once and affected hundreds of traders’ accounts, either for the better or worse, then Binance really has some questions to answer.

(image pixabay)