{"id":15813,"date":"2024-03-19T09:00:21","date_gmt":"2024-03-19T09:00:21","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=15813"},"modified":"2024-03-19T07:58:26","modified_gmt":"2024-03-19T07:58:26","slug":"bitcoin-flash-crashed-to-8-9k-on-bitmex","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bitcoin-flash-crashed-to-8-9k-on-bitmex\/","title":{"rendered":"Bitcoin Flash Crashed to $8.9K on BitMEX"},"content":{"rendered":"

A sudden and dramatic sell-off on BitMEX saw Bitcoin’s price plummet to $8,900, attributed to large sell orders totaling $55.49 million. However, the crash was short-lived, with prices swiftly rebounding.<\/p>\n

On late Monday, Bitcoin (BTC)<\/a> experienced a rapid crash to as low as $8,900 on the BitMEX cryptocurrency exchange, while prices remained relatively stable above $60,000 on other exchanges.<\/p>\n

The downward slide began at 22:40 UTC, and within just two minutes, Bitcoin’s price dropped to $8,900, marking its lowest point since early 2020 according to data from TradingView. However, the recovery was equally swift, with prices bouncing back to $67,000 by 22:50 UTC.<\/p>\n

During this turbulent episode on BitMEX, Bitcoin’s global average price hovered around $67,400.<\/p>\n

Some commentators on the social media platform X have alleged that the crash was triggered by whale selling. According to @syq, an individual sold over 850 BTC ($55.49 million) on BitMEX, causing the XBT\/USDT spot pair to plunge to $8,900.<\/p>\n

The BitMEX XBT index tracks Bitcoin’s price, while the XBT\/USDT pair represents Bitcoin’s price denominated in Tether, the world’s leading dollar-pegged stablecoin.<\/p>\n

Following the crash, BitMEX announced on social media that they are investigating the large sell orders.<\/p>\n

“We initiated an investigation upon observing unusual activity on our BTC-USDT Spot Market. While all of our systems were functioning normally, we detected aggressive selling behavior involving a very small number of accounts that significantly deviated from expected market ranges.<\/p>\n

We cannot provide details on specific user behavior or actions taken, but our investigation is ongoing,” BitMEX stated.<\/p>\n

“The trading platform is functioning as usual, and all funds are secure,” BitMEX reassured.<\/p>\n

\n

You can present your own thoughts as comments about the topic. Moreover, you can follow us on\u00a0Telegram<\/strong>\u00a0and\u00a0<\/a>YouTube<\/strong><\/a>\u00a0channels for this kind of news.<\/em><\/p>\n

\n
<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

A sudden and dramatic sell-off on BitMEX saw Bitcoin’s price plummet to $8,900, attributed to large sell orders totaling $55.49 million. However, the crash was short-lived, with prices swiftly rebounding. On late Monday, Bitcoin (BTC) experienced a rapid crash to as low as $8,900 on the BitMEX cryptocurrency exchange, while prices remained relatively stable above<\/p>\n","protected":false},"author":1,"featured_media":15610,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[61,2624,1637],"class_list":["post-15813","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitmex","tag-btc-usdt"],"yoast_head":"\nBitcoin Flash Crashed to $8.9K on BitMEX - Coin Engineer<\/title>\n<meta name=\"description\" content=\"A sudden and dramatic sell-off on BitMEX saw Bitcoin's price plummet to $8,900, attributed to large sell orders totaling $55.49 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-flash-crashed-to-8-9k-on-bitmex\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Flash Crashed to $8.9K on BitMEX - 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