Binance Futures BTC/USDT Pair Plunges to $2,706.2 Due to Display Issue
In a surprising turn of events on September 29, 2023, Binance Futures users were left bewildered as they witnessed the price of Bitcoin plummet to an astonishing $2,706.2 USD in the BTC/USDT trading pair. This unexpected price drop sent shockwaves through the cryptocurrency community, raising concerns and uncertainty among traders.
However, within moments of the alarming price display glitch, Changpeng Zhao, the CEO of Binance, took to Twitter to reassure the cryptocurrency community. In his tweet, CZ acknowledged the issue, attributing it to a problem with the Kline (chart) display on the BTC/USDT trading pair. He stated, “Futures Kline (chart) display issue on BTCUSDT. The UI aggregated Kline has an issue, the raw Kline via the API is working fine. Trading not affected. The team is fixing it. 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. 🙏”
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. 🙏 https://t.co/nZzzTw1BIP
— CZ 🔶 Binance (@cz_binance) September 29, 2023
This prompt and transparent response from CZ helped ease the panic that had initially gripped the Binance Futures community. Users were relieved to learn that the glitch only affected the display of the trading pair and had no impact on their long or short positions. CZ’s assurance that trading remained unaffected played a pivotal role in calming the nerves of traders, preventing widespread panic selling, and maintaining the overall stability of the market.
Binance’s rapid response did not stop at CZ’s tweet. The exchange’s technical team promptly identified the root cause of the problem and began working diligently to resolve the issue. It was made clear that the glitch was a result of new code implementation, and the engineers were committed to rolling back the changes and implementing the necessary fixes. The estimated time for the fix was initially set at one hour, with CZ advising users to expect it to take slightly longer.
The fact that Binance swiftly identified and addressed the issue demonstrated the exchange’s commitment to maintaining a reliable and secure platform for its users. The crypto community often scrutinizes exchanges for their response times during technical glitches, and Binance’s proactive approach in this case earned them praise from traders and industry experts alike.
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