The gold token PAXG surged over 8% this morning, while the contract price on Binance spiked about 16%

ChainCatcher news reports that according to market data, the price of the gold-backed token PAX Gold (PAXG) on major cryptocurrency exchanges surged significantly this morning, with prices on some platforms briefly breaking through $4800, currently reported at $4436.

Community analysis suggests that this upward spike may have been caused by the liquidation of a short position on Binance, where the U-based contract trading pair saw a maximum upward spike of 15.8%, reaching $5106. Binance has not yet responded to this incident.

According to Coinglass data, in the past 4 hours, the total liquidation of PAXG across the network amounted to $6.82 million, with long positions liquidated at $1.279 million and short positions liquidated at $5.5453 million.