Bitcoin, after surging to never-before-seen highs this week, suddenly plunged almost 90% on the U.S. arm of major crypto exchange Binance today—before almost immediately snapping back.
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The bitcoin price briefly dropped to under $10,000 per bitcoin on Binance.US, down almost 90% from around $65,000 and knocking the bitcoin price on other exchanges. The sudden plunge also took the wind out of the ethereum price rally.
Bitcoin’s flash crash, blamed on an institutional trader’s rogue algorithm, came as Binance’s chief executive warned crypto traders should watch out for “very high volatility” in coming months.