Despite uncertainties and high volatility surrounding it, Bitcoin has crossed $65,000 per coin for the first time and according to industry experts, the most sought-after cryptocurrency may touch the $100,000 mark by the end of this year. But before that, a flash crash in Bitcoin's price triggered panic among the traders.
Bitcoin price, from its all-time high, plunged nearly 90 percent to $8,200 from around $65,000 on US trading platform Binance on Thursday morning. The crypto's price remained unaffected on other trading platforms, while Binance attributed the flash crash to a bug in the trading algorithm.
"We are continuing to look into the event, but understand from the trader that they have now fixed their bug and that the issue appears to have been resolved," a spokesperson was quoted as saying. The snafu was resolved in a matter in a jiffy, but Binance traders who noticed the sudden drop couldn't comprehend it.
Binance said the Bitcoin flash crash was a result of an institutional trader's rogue algorithm, which caused the sell-off. Incidentally, Binance CEO Changpeng Zhao had warned of crypto traders of high volatility in the coming months and the Bitcoin flash crash coincided Changpeng's tweet.
Bitcoin may touch $100K
According to Nigel Green, CEO and founder of deVere Group which has $12 billion under management, Bitcoin is undeniably a mainstream asset class and most investors should consider including crypto assets as part of a diversified portfolio.
The Bitcoin market cap has touched $2.5 trillion amid its rising adoption globally, particularly in India. The Indian cryptocurrency market is expected to reach up to $241 million by 2030 in India and $2.3 billion by 2026 worldwide.
According to Shivam Thakral, CEO, BuyUcoin, a homegrown cryptocurrency exchange, the launch of the first bitcoin ETF on the New York Stock Exchange is a moment of reckoning for the global crypto economy and the world's oldest cryptocurrency.
"Bitcoin is witnessing its meteoric rise owing to the euphoria around the ETF debut and is expected to touch the $100,000 mark by the end of this year," he said.
