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Bitcoin Flash Crashed to $8.9K on BitMEX

Published: 19 March Cryptocurrencies

Bitcoin experienced a sudden and dramatic flash crash on BitMEX, dropping to $8,900 in a matter of minutes. This sharp decline was isolated to BitMEX, as prices on other exchanges remained well above $60,000. The crash was allegedly triggered by a large sell order, with over 850 BTC ($55.49 million) being sold. BitMEX is currently investigating this unusual activity and has stated that it does not affect their derivative markets or the index price for their popular XBT contracts. Despite the flash crash, BitMEX reassured users that the trading platform is operating normally and all funds are safe.