BTC rate on Bitfinex jumps to $56 000
A sharp rise in quotations caused the liquidation of traders’ positions
03.05.2023 - 08:45
531
2 min
0
What’s new? Bitcoin’s price on the Bitfinex crypto exchange briefly rose to $56 000. Reaching the mark was recorded on May 2 from 14:24 to 14:26 UTC. The trading volume on the BTC-PERP market at that time increased to 322 BTC (about $9,1 million), which was about a quarter of the daily figure for this position. The surge in the rate caused mass liquidations of traders’ open positions on the platform. According to Bitfinex CTO Paolo Ardoino, the reason for the incident was not an error in the system, but low liquidity at a certain point in time.
Low liquidity at that moment in time. But system worked as expected. Matching engine handled all orders correctly. — Paolo Ardoino 🍐 (@paoloardoino) May 2, 2023
What else is known? On other exchanges, bitcoin gained about 2,5% at this time. The rise was driven by investors’ and traders’ reactions to a more than 30% drop in shares of two US banks, Pacwest (PACW) and Western Alliance (WAL), amid renewed concerns about the health of the US banking system.
As of May 3, 07:45 UTC, bitcoin is trading on Binance at $28 648, having added 2,14% per day.
WOJAK meme token rate jumps by 570% in one week. We look into the reasons for the growth
Users continue to show increased interest in cryptocurrencies dedicated to popular memes
On March 13, the bitcoin rate paired with USDC on Binance rose to $50 000. Analysts Colin Wu suggested that the subsequent return of the asset price to normal levels of $22 200 was due to insufficient liquidity.
And on January 31, the rate of BTC USD on crypto exchanges in Nigeria rose to $48 000. The growth in demand for the asset occurred against the backdrop of restrictions on cash withdrawals.
Useful material?
Telegram 
Twitter Incidents
In a single week, hackers went after PHP websites, the Railway cloud platform and a medical company, and experts started talking about a crisis that is only just beginning.
Oct 28, 2026
Incidents
In 104 minutes, the attacker emptied 1,404 addresses before validators halted the network and froze almost all of the loot.
Oct 19, 2026
Incidents
Developers warned of potential risks to bridges across the ecosystem and asked exchanges for assistance.
Jun 22, 2026
Incidents
The defendant helped move funds stolen through investment scams and earned at least $4 million for his role in the operation.
Jun 10, 2026
Incidents
The company is linking the incident to a compromised private key on a service wallet, rather than a smart contract exploit
May 22, 2026
Incidents
Following the incident, the project temporarily halted trading operations and node activity.
May 15, 2026
Cryptocurrency rates
-
Bitcoin
$74 621
BTC
-0.2%
-
Ethereum
$2 117.74
ETH
-0.83%
-
BNB Smart Chain
$688.63
BSC
+0.27%
-
Ripple
$1.42
XRP
+1.04%
-
TRON
$0.317253
TRX
-0.19%
-
Zcash
$1 150.44
ZEC
-6.56%
-
Dogecoin
$0.069663
DOGE
+0.24%
-
Cardano
$0.218269
ADA
+2.11%
-
Stellar XLM
$0.184461
XLM
+2.83%
-
Polkadot
$3.32
DOT
+5.27%