On December 29, the price of bitcoin (BTC) paired with Tether USD (USDT) on the Binance exchange unexpectedly increased almost tenfold. However, as Chinese journalist Colin Wu reports, this growth turned out to be the result of a mistake.

According to Wu, the value of the BTC/USDT perpetual contract on the largest cryptocurrency exchange Binance has increased from $42,000 to $420,000.

According to Wu, a similar problem had already occurred on the platform in September. The former CEO of the exchange, Changpeng Zhao (CZ), announced that the reason was a problem with the display of the chart.

By the time of writing this article, the Binance team had also posted a message on Twitter confirming the existence of the bug and working to fix it. They stressed that trading operations are continuing normally and have not been affected by this problem.

Earlier, we reported that Binance lost 18% of its market share over the year. At the beginning of 2023, the crypto exchange controlled more than 60% of the market, but by the end of December its share had decreased to less than 50%.

As for the price of BTC, according to CoinGecko, the first cryptocurrency is currently trading at $42,457. Over the past day, the exchange rate has fallen by 1.3%.

The BTC price chart is provided by CoinGecko.

Over the past two weeks, the bitcoin price has shown a slight decrease of 0.6% in total. However, during the year, the price of BTC increased by 156%, and the market capitalization of this asset reached $ 830 billion. Despite this, the value of the main cryptocurrency is still 38% below the absolute maximum reached in November 2021.