今天是中国的端午节,祝大家端午安康 Today is the Chinese Dragon Boat Festival. I wish you all good health
Bitcoin Price Skyrockets to $138K on Binance US Amidst Exchange Turmoil
Bitcoin, the leading cryptocurrency, experienced a remarkable surge in price, reaching a staggering $138,000 on the Binance US exchange. This sudden and drastic increase, representing a 450% spike, caught the attention of traders and investors alike. However, it is crucial to note that this extraordinary event was not reflective of the general market conditions, as Bitcoin was trading around the $30,000 mark on other major exchanges.
The surge on Binance US can be attributed to the exchange's ongoing turmoil and a significant reduction in market depth, which has declined by approximately 80% in recent times. This decline in liquidity played a pivotal role in the occurrence of the price wick, specifically in the BTC-USDT trading pair.
At the time of the surge, the trading volume for the BTC-USDT market pair was around $400,000, indicating a considerable lack of liquidity. Currently, the volume has increased to nearly $12 million, but it still remains relatively illiquid compared to the trading activity on other pairs. For instance, the BTC-USDT market pair on Binance alone has seen a trading volume close to $3 billion in the past 24 hours.
It is important to highlight that this anomalous price movement was unlikely caused by a trader willingly paying such a substantial premium for Bitcoin, as its actual market value was around $29,000 during that time. Rather, the price surge was a consequence of the low liquidity in the Bitcoin-Tether trading pair on Binance US. Market depth data reveals that a $400,000 Bitcoin purchase on this specific pair can lead to a 2% increase in prices, whereas a significantly larger amount, approximately $842,000, would be required to generate the same impact on a Bitcoin-USD trading pair.
The decline in market depth, as reported by Kaiko earlier this month, demonstrates a concerning 76% decrease compared to May. This decline suggests that market makers and traders have been withdrawing from the Binance US exchange, possibly due to regulatory concerns or other factors impacting confidence in the platform.
While the surge to $138,000 on Binance US was a momentary anomaly, it highlights the importance of understanding the nuances of liquidity and market dynamics within the cryptocurrency ecosystem. Traders and investors must exercise caution and consider multiple factors when interpreting price movements, ensuring they make informed decisions in a highly volatile market.
Sources: www.coindesk.com/markets/2023/06/21/bitcoin-price-spikes-to-138k-on-binanceus/ cryptopotato.com/bitcoin-price-touched-138k-on-binance-us-heres-why/ twitter.com/WatcherGuru/status/1671332729651175424 www.tradingview.com/chart/?symbol=BINANCEUS%3ABTCUSDT
Disclaimer: The information presented in this post is based on the sources mentioned and is not financial advice.
In the social and academic customs here, we celebrate a team member who is ending their work contract or academic mission by gathering for a lunch and spending some time together.
Joana, the administrative and technical head of the research team who is ending her contract soon, sent an email to everyone inviting them to this occasion, specifying the time and place for the gathering. As an invitee here, you're responsible for your own food expenses, unlike the traditions in our communities.
I had brought a bunch of gifts from Tehran, and only one was left. I decided to give it to her on this occasion. A day earlier, I had to open the gift's wrap to see its content. It was a visually beautiful wooden plaque of about 40*20 cm dimensions. Despite its simple content, it was framed with pictures of vibrant-colored Irani carpets, and in the middle, there was a Quranic verse written in an extremely beautiful Nastaliq script (Persian). The verse was, "And indeed, those who disbelieve would almost make you slip with their eyes when they hear the message, and they say, 'Indeed, he is mad.'"
The challenge was how to explain the verse if I was asked about it. I decided to keep it simple and summarize the meaning as warding off envy. The word "envy" is not frequently used, but this occasion brought it back to memory.
At the end of the session, some presented their memorial gifts to the hostess, and others just expressed their sincere words that suited the event.
I presented her with the gift. She thanked me greatly and began to unwrap it. She was holding it upside down as Arabic written in Persian script looks like Chinese to them, and we can't distinguish top from bottom. I corrected the orientation of the plaque in her hands which made everyone laugh. Then, as I expected, she asked about the contents and meaning of the plaque. I told her that it's a simple memento carrying a bit of my identity (Persian/Arab) despite my passion for other cultures.
I then pointed out the cultural differences between societies and how people resort to using sacred texts to attract goodness and ward off evil, such as envy, according to their beliefs.
Even though everyone is fluent in English, it seemed like they never heard the term before. Even when I consulted a dictionary to find the Spanish word for "envy" (envidia), it wasn't understood until after some discussion and explanation. This affirms what I mentioned in my introduction about cultural differences and secondly, and importantly, that envy is mentioned in the Holy Book too. It is one of the seven known sins in Christianity. However, there is a significant rift that has occurred and is still prevalent in Europe between religion and people, particularly among the youth.
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