Late Monday, Bitcoin witnessed a sudden and significant plunge on BitMEX, plummeting to as low as $8,900 within a matter of minutes.According to data from the charting platform TradingView, the flash crash started at 22:40 UTC, with prices plummeting to $8,900 in just two minutes, marking the lowest level since early 2020. However, the recovery was equally rapid, with prices bouncing back to $67,000 by 22:50 UTC.
The exchange clarified that while the incident impacted its BTC-USDT spot market, it did not affect any of its derivative markets or the index price for its XBT derivatives contracts.The incident has sparked concerns among traders and observers, with many speculating that large sell orders, often attributed to institutional investors or “whales,”One user, @syq alleged that a single entity offloaded over 850 BTC, equivalent to approximately $55.49 million driving Bitcoin’s price down to $8,900.
The BitMEX XBT index, which tracks Bitcoin’s price, serves as a benchmark for traders on the platform. Meanwhile, the XBT/USDT pair represents Bitcoin’s tether-denominated price, with USDT being the world’s leading dollar-pegged stablecoin. A flash crash is commonly defined as a sudden and significant drop in the price of an asset followed by an equally rapid recovery. This isn’t the first time Bitcoin has experienced such price fluctuations.One Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments.
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