A viral screenshot on X showing Bitcoin around $24,000 on Binance briefly caused panic among investors. CZ swiftly addressed the issue, dismissing market crash fears in favour of a singular technical glitch.
In a market where volatility is omnipresent, the slightest visual anomaly can quickly trigger a wave of FUD (Fear, Uncertainty, and Doubt). This is exactly what happened when a screenshot showing Bitcoin (BTC) plunging dramatically to $24,111 on Binance began circulating massively on social media. At first glance, such a drop would have implied a spectacular destruction of value within a matter of seconds, immediately fueling the worst-case scenarios.
Faced with this viral image, many traders feared a violent bearish reversal or a cascade of liquidations across the entire market. Warning messages multiplied, with some even suggesting a brutal return to 2023 price levels. However, one key element quickly calmed the most attentive observers: This drop appeared neither on the global market nor on major data aggregators like CoinGecko or CoinMarketCap.
This absence of external confirmation strongly suggested that this was not a fundamental movement, but rather a localized anomaly. In other words, the market as a whole did not validate this signal, which significantly reduced the probability of a genuine Bitcoin crash.
To definitively dispel concerns, Changpeng Zhao (CZ) intervened publicly to explain the origin of this event. According to him, this was in no way a market collapse, but rather a microstructure issue related to a very specific and recently listed trading pair: BTC/USD1. On this type of pair, liquidity is low, which makes the price extremely sensitive to isolated orders.
CZ detailed that a shallow order book can trigger a spectacular bearish wick when a sell order, even relatively modest, is executed. This graphical phenomenon can create the illusion of a crash when it absolutely does not reflect the real value of Bitcoin. He also emphasized that the exchange itself was not involved in the transactions, confirming that Binance’s matching engine was functioning normally.
Crucial point for investors: This incident had zero impact on the ongoing bull run. Major liquid pairs like BTC/USDT or BTC/FDUSD, which concentrate the overwhelming majority of volumes, showed no signs of weakness. The event serves as a reminder of the importance of not panicking over a simple screenshot, always verifying multiple sources, and distinguishing market noise from genuine signals. At this stage, Bitcoin’s market structure remains solid, and analysts continue to monitor a potential breakout toward a new ATH, far from the catastrophic scenario of a sustained return below $25,000.
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