CZ Clarifies: The BTC/USD1 trading pair "flash crash" was caused by low liquidity, leading to a momentary price fluctuation, with no liquidation occurring
Prefer us on GoogleBlockBeats News, December 26th, Solv Protocol's Business Development Lead Catherine announced that "Binance partnered with USD1 to launch a 20% fixed annualized deposit promotion. Many users swapped USDT for USD1, causing USD1 to briefly trade at a premium of around 0.39%. Some funds were then lent out through the Lista DAO lending market, using SolvBTC or SolvBTC-BTCB as collateral to borrow USD1 and gradually sold on the spot market to meet demand.
During this process, some traders directly used market orders to sell BTC against USD1. However, due to the thin liquidity of this trading pair, a large market sell order quickly wiped out the buy side, temporarily reducing the BTC price, only to be swiftly bought back up by arbitrage bots to restore the price."
CZ clarified regarding this event, stating that "This actually indicates that the exchange platform did not participate in the relevant trades. Due to the low liquidity of the newly listed trading pair, a large market order could easily drive a momentary price spike, but arbitrageurs quickly corrected the price back to normal levels. Additionally, since this trading pair was not included in any index, no liquidations were triggered."
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