Order executed at market price made investor pay value for cryptomeda four times higher.
While Bitcoin (BTC) is preparing to reach R$ 100 thousand for the first time in Brazil, at Binance, cryptomoeda has already been traded for four times this amount, and was even quoted at R$ 436 thousand.
According to the transaction register ‚without wanting‘, the Bitcoin price reached quickly US$ 82 thousand this last Wednesday (18), or yet, R$ 436 thousand considering the current quotation for the dollar.
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A trader may have inadvertently sold the overvalued Bitcoin amount at Binance, registering a profit well above the market value. On the other hand, someone may have lost a lot of money buying the cryptomeda.
Bitcoin for R$ 436 thousand
The price of Bitcoin is facing a wave of appreciation that has caused cryptomeda to break continuous records in Brazil as it approached R$ 100 thousand recently.
On the other hand, while BTC still doesn’t reach six digits in the market, a purchase order at Binance managed to trade BTC for over R$ 436 thousand.
Note these two levels if the price of Bitcoin undergoes major correction before US$ 20 thousand
Thus, this Wednesday (18th), Bitcoin had an overvaluation at Binance. According to the image shared in the social networks, the cryptomoeda reached R$ 436 thousand in the BTC/TUSD trading pair.
BTC reaches R$ 436 at Binance
Trader sells cryptomeda
The information about the sale of overvalued Bitcoin at Binance does not reveal the identity of the trader who may have bought ‚unintentionally‘ the cryptomoeda for $ 436 thousand. According to some investors, the price reached such a price due to an order execution at market price.
In this case, the order can execute different prices according to the order in the exchange offer book. If there is no lower order, the Bitcoin price could reach any value it had described in the bid book.
This analyst predicted a new Bitcoin price hike of 2020 three months ago
Thus, the price of Bitcoin reached R$ 436,000 quickly after having no lower purchase order on the BTC/TUSDT trading pair. This may be the reason that made the cryptomeda trade so high.
In addition, a human failure may also be the reason behind the Bitcoin price reaching R$ 436,000. The fact that the negotiation happened with a little traded stablecoin may also have corroborated for the sudden increase of cryptomeda.
BTC above price
This is not the first time that the price of Bitcoin is negotiated at a value well above that practiced by the market. As the Cointelegraph previously reported, in August 2020 there were announcements of BTC being sold above the Free Market price.
At the time, the price of Bitcoin was around R$ 60 thousand in the market of cryptomoedas. However, there were advertisements in the Free Market with fractions of BTC for R$ 95 thousand. According to the seller, the price of Bitcoin above the market was used to pay the 11% rate charged by the Free Market.
Meanwhile, Binance did not officially position itself on the sale of Bitcoin above the market price. Soon after the order of R$ 436 thousand, the price of cryptomeda ‚returned to normal‘.