Bitcoin Price Spikes to $138K on Binance.US

The exchange’s market depth has declined nearly 80% over the past month on regulatory woes.

AccessTimeIconJun 21, 2023 at 9:39 a.m. UTC
Updated Jun 21, 2023 at 3:49 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Bitcoin temporarily surged to as much as $138,000 on crypto exchange Binance.US earlier today in a sudden price wick on the btc/tether trading pair, exchange data shows.

Prices shot up to those levels for a few seconds at 6:50 a.m. UTC before immediately reverting to parity with other bitcoin spot markets. Other trading pairs for bitcoin traded as normal.

The move was unlikely to have been caused by a trader wanting to pay a nearly 450% premium for bitcoin, which currently exchanges hands for just over $29,000 in European morning hours on Wednesday.

Instead, the bizarre wick likely came amid low liquidity for bitcoin against tether on Binance.US. Market depth data shows a $400,000 bitcoin buy on this trading pair can increase prices by 2%, compared to a minimum of $842,000 for the same impact on a bitcoin/USD trade pair.

Market depth refers to the level of liquidity in a financial market. As such, Binance.US’s market depth has dropped 76% compared to May, as per a Kaiko report earlier this month, suggesting market makers and traders have fled from the exchange.

Edited by Oliver Knight.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.