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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 $60,000 on other exchanges.
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.
During this turbulent episode on BitMEX, Bitcoin’s global average price hovered around $67,400.
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.
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.
Following the crash, BitMEX announced on social media that they are investigating the large sell orders.
“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.
We cannot provide details on specific user behavior or actions taken, but our investigation is ongoing,” BitMEX stated.
“The trading platform is functioning as usual, and all funds are secure,” BitMEX reassured.
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