The panic caused due to USD Coin’s (USDC) depeg from the U.S. dollar manifested itself in a wrong order, costing traders $50,000 per Bitcoin (BTC), albeit for several minutes.
Bitcoin price sees $50K in “fat finger” error
The BTC/USDC pair on Binance flash spiked to $50,000 on March 12 around 7:00 pm UTC. The reason for the impulse spike is unknown and was likely due to a “fat finger” trade of a large order.
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BTC/USDC hourly price chart on Binance. Source: TradingView
The potential reason for the flash spike is likely due to 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.
According to a trader on Crypto Twitter, it is likely that a
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