Bithumb says single investor's large buy order caused USDC flash spike

South Korean crypto exchange Bithumb has attributed a sudden surge in the price of USDC on its platform to a single investor's large-scale market buy order. The exchange explained that the incident, which occurred between 1:00 a.m. and 1:10 a.m. UTC on Nov. 25, saw the price of USDC temporarily spike to 6,120 won (about $4.43). The total value of the buy order was 1.32 billion won (approximately $957,000). Bithumb added that its market monitoring has so far found no evidence of unfair trading practices, such as price manipulation, connected to the event.