Bitcoin’s price has seen a significant rally since last Thursday, following BlackRock’s application for a Bitcoin spot ETF. From a local low of $24,819, the BTC price has surged by over 16% since the BlackRock news. However, this doesn’t explain the peculiar event that unfolded on Binance US.

Reports from some Binance.US users indicate that Bitcoin’s price momentarily skyrocketed to an astounding $138,070 on the exchange. The popular Twitter account @MikeBurgersburg highlighted this unusual occurrence, questioning the stability of the platform.

As of now, neither Binance.US nor Binance CEO Changpeng Zhao have commented on this price anomaly. While the exact cause remains unknown, the most plausible explanation could be an internal data error. Other possibilities include insufficient liquidity on the exchange, which could have triggered the extraordinary price spike.

Market data provider Kaiko reported a significant drop in Binance.US trading volumes since the start of the year, indicating a challenging environment for the U.S. crypto exchange market. However, the fact that the price is no longer displayed on Binance.US leans more towards a data error.

Meanwhile, Binance could face increasing pressure in the U.S., despite a tentative agreement reached with the SEC last Friday over the threat of an asset freeze. Travis Kling, a former equity portfolio manager and senior investment adviser at Ikigai Asset Management, suggested that Binance’s current market dominance could pose a hurdle to the approval of the ETF.