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BUSD fell to $0.20 on Binance after trader sold $600K
Liquidity on crypto exchange Binance evaporated on Wednesday morning as its stablecoin, BUSD, dropped to a low of $0.20 against the DAI stablecoin.
A single sell order of $647,000 triggered the steep tumble. However, BUSD instantly regained its peg against DAI, as arbitrage traders snapped up the discount and sold it for $1 on other exchanges.
Binance’s orderbook revealed $3.38 million in aggregated sell orders made while BUSD depegged against the DAI, CoinDesk reports.
Hosted on Acast. See acast.com/privacy for more information.
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By ProtosLiquidity on crypto exchange Binance evaporated on Wednesday morning as its stablecoin, BUSD, dropped to a low of $0.20 against the DAI stablecoin.
A single sell order of $647,000 triggered the steep tumble. However, BUSD instantly regained its peg against DAI, as arbitrage traders snapped up the discount and sold it for $1 on other exchanges.
Binance’s orderbook revealed $3.38 million in aggregated sell orders made while BUSD depegged against the DAI, CoinDesk reports.
Hosted on Acast. See acast.com/privacy for more information.