An early-morning error led to the value of Bitcoin dropping nearly 87 percent on Binance's crypto exchange.
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The cryptocurrency market woke up to a shock in early trading on Thursday morning. On the Binance US cryptocurrency exchange, the value of Bitcoin (BTC) plummeted nearly 87 percent in value, settling around $8,200. The issue that caused the value spike was reportedly corrected swiftly and the Bitcoin value returned to its normal levels within a couple of minutes.
The crypto prices today are trading in the red as Bitcoin, as well as the altcoins, have retreated after a strong week of rallies to new all-time highs.
Binance.US claims to have undertaken appropriate measures dedicated to protecting its customers from theft and hacking, in line with its policy of prioritizing security.
“They basically walked around showing people with Lambos and talking crap,” said Cora Harrison, a YouTube personal finance influencer. “It was just really random and not what you wanted to see from somebody to invest money with.”
3% Strategic Buy-Back Reserve: 3% of every transaction is sent to the strategic buyback reserve. After converting to BNB, these tokens are locked and stored in the EverGrow contract. The contract is designed so that the BNB in the Strategic Reserves cannot be withdrawn and can only be used to purchase and burn EverGrow COIN. The contract for the project contains two distinct BuyBack provisions:
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They allow users to store cryptocurrencies, make online or in-store purchases, and track their finances.
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