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Bitcoin Daily: Spanish Banks Await Gov’t Guidance on Crypto Services; Google Warns of Hackers Hijacking YouTube Channels for Crypto Scams

Bitcoin fell around 87 percent last week on Binance’s U.S. exchange, a Bloomberg report says.

The price went to around $8,200, when previously it had sat at $65,000.

Binance was the sole venue where this happened – on that venue, the level also snapped back to where it had been almost instantly.

This, according to an email statement, was because of an apparent bug in the trading algorithm.

“One of our institutional traders indicated to us that they had a bug in their trading algorithm, which appears to have caused the sell-off,” Binance.US said in an emailed statement. “We are continuing to look into the event, but understand from the trader that they have now fixed their bug and that the issue appears to have been resolved.”

These mistakes, per Bloomberg, tend to happen when traders make mistakes on details for intended trades, such as making the wrong price or order size on a document.

An unusually large trade could overwhelm an order book and cause a steep decline.

Meanwhile, Google’s Threat Analysis Group said a group of hackers has usurped several popular YouTube channels, rebranding them to match crypto company brandings.

The report says the “channel name, profile picture, and content were all replaced with cryptocurrency branding to impersonate large tech or cryptocurrency exchange firms,” quoting the group.

The hackers would then sell the channel to the highest bidder without the rebranding strategy being executed.

The value of the sale would depend on the number of subscribers a channel has, and the market would offer between $3,000 to $4,000 per channel.

Finally, Spanish banks have said they’re ready to offer crypto services, but are disenfranchised by a muddy clarity from the central bank, a report from Coindesk says.

The registry, after the Bank of Spain said it would provide instructions last June, is set to debut Oct. 29.

But the banks are still waiting on the instructions, particularly whether the registry would be designed for financial institutions that are already regulated entities.

Gloria Hernández Aler, a partner at regulatory advisory firm finReg360, said it would “not make sense” for a bank to have to go through requirements when they’re already directly supervised.

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