Bitcoin price suddenly crashed to $8,900 on this platform

I witnessed BitMEX cryptocurrency trading platform Sudden collapse Bitcoin (BTC) Price) Monday evening. This will take you down to $8,900 in just a few minutes. While Bitcoin prices on other trading platforms maintained much higher levels, surpassing $60,000.

Despite this sharp decline, which some called a sudden collapse, it was short-lived. The currency price quickly reached $67,000 within minutes.

This drop, which raised questions about its causes, did not affect the global Bitcoin exchange rate, which stabilized around $67.4 thousand during the period of turbulence experienced by the BitMEX platform. .

The collapse began at 22:40 UTC and Bitcoin reached $8,900 in two minutes. This is its lowest level since 2020, according to data from BitMEX trading platform.

Bitcoin Whale Sales

According to some followers of the digital currency market on social media platforms, heavy selling by “whales” (a term given to large investors) led to this sudden decline.

According to the account @syq On the X platform, someone sold over 850 Bitcoins (worth $55.49 million) on BitMEX. Which caused the price of the XBT/USDT pair to drop to $8,900.

For its part, the BitMEX platform announced the opening of an investigation into the large sales operations which led to a sudden price movement, stressing that the affair did not affect the futures markets nor the index of price that BitMEX Bitcoin contracts take as a reference.

BitMEX said in answer On @syq's post: "We are investigating unusual activity over the past few hours involving a user who sold large amounts of Bitcoin on the BTC-USDT spot market. This does not impact any of our derivatives markets, nor on the index price of our popular XBT. derivative contracts.”

BitMEX added: “The trading platform is operating normally and all funds are safe. »