Bitcoin’s price rose to $57,000 on Bitifinex futures for one minute earlier today in what appears to be a glitch.
Price spiked at 14:24 UTC, doubling from $28,000 in seconds on volumes of 231 bitcoin, worth $7 million.
It went down just as quickly, with it returning to that $28,000 level in the next minute on volumes of 69 bitcoin.
Trading then continued as normal, though one effect of this is that the order book in the upwards direction has now been cleared at this exchange.
What happened exactly is not too clear, though considering the volumes a pure glitch appears unlikley.
Some fat finger instead perhaps bought some expensive coins in a clear sign that the market is currently a bit excited.
Such glitches have happened before. In 2017 for example bitcoin’s price went to six cent on Coinbase, liquidating longs on BitMex.
This time it is the other way around, though it isn’t clear how many shorts got liquidated at Bitfinex.
Source: https://www.trustnodes.com/2023/05/02/bitcoins-price-hits-57000-on-bitfinex-glitch