After a lightning dip in Polkadot (DOT) futures contracts on Friday (5), Binance promised to review its market controls.
The contract price went from R $ 187 to R $ 1.42, a drop of more than 99%. Soon after, the DOT reestablished itself and maintained its quotation at around US $ 33.
However, the damage had already been done. About R $ 102 million in contracts were settled on the exchange in just one minute.
At the time of writing, DOT is priced at almost U $$ 34, approximately R $ 192.
In a statement sent to CoinDesk, a representative from Binance stated that the fall was due to a major withdrawal:
“A user placed a single stop market order (term used for‘ order types ’) on the market, which triggered this needle.”
According to the exchange, the user who made this move occupied a high position that exceeded the total number of orders available.
In response to the situation, the company said it would add new limit controls to orders.
Despite the noise in the market, Binance ensured that the move did not reach other investors.
"This did not affect the position of any other user, as we are using the market price for settlements."
Since when it appeared, Polkadot has always been in the field of vision of investors and traders. That's because its creator is none other than Gavin Wood, co-founder of the Ethereum system and one of the members of the Sharding scalability solution.
Polkadot's proposed network is to provide faster transactions than other blockchains in the same segment, such as Ethereum, making their rates more attractive.
Whether due to the system's attractions or not, DOT has conquered space in the market. DOT has become the fourth hottest cryptocurrency in terms of market value.
Aware of its growth and popularity, Wall Street firms Goldman Sachs, JPMorgan and UBS are already investing in the cryptocurrency.
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