BTC price briefly saw $50k on Binance amid panic over USDC stablecoin depegging.
The BTC/USDC pair on Binance flash spiked to $50,000 on March 12 around 7 pm UTC. The reason for the impulse spike is unknown and was likely due to a"fat finger" trade of a large order.The potential reason for the flash spike is likely thin order books for the newly launched BTC-USDC pair on Binance. The exchange listed the pair only a few hours before the impulse price surge., it is likely that a Bitcoin market order ate through the limit sell-orders on the pair up to $50,000.
The pair's trading price returned toward the market spot price of around $22,000 in a minute following the spike, suggesting this was an isolated incident. Fortunately, the futures market remained unaffected by the spot BTC-USDC pair; otherwise, it could have triggered massive short-side liquidations.
But this isn't the first time cryptocurrency exchanges have seen flash crashes and spikes. Multiple exchanges in the past had similar issues, inciting
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