There have been several predictions that see Bitcoin hitting a six-digit figure. On Sunday, this became a reality, very briefly, thanks to an algorithm.
Bitcoin futures topped at $99,964 on Binance over the weekend.
As Binance CEO Changpeng Zhao said, this was just “another day in crypto.”
“We do have price band protection, but a user’s algo went ballistic and sent multiple orders to achieve this. We will likely have to adjust this chart a bit so that it’s readable in the future,” he said.
This might not be real this time, but some bitcoin enthusiasts are hopeful that this bull season will bring us $100,000.
The anomaly that happened on Sunday saw the price of bitcoin crashing about 12% after it surpassed $12,000. However, the digital asset is back trading above $11,000.
Meanwhile, Bitcoin September futures are trading between $11,450 to $11,550, at a premium to spot prices.
— skew (@skewdotcom) August 3, 2020
“Cash and carry with bitcoin futures now yields 25%. September futures trade at a significant premium to spot, including on CME,” noted skew. “The industry is historically crypto rich and fiat poor, it seems USD are still challenging to source and will likely drive borrowing rates higher.”