Bitcoin Price Dropped to $8,900 On BitMex After a User Dumped 400 BTC

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A recent incident on the BitMEX exchange saw a large sell-off of Bitcoin (BTC), resulting in a temporary price drop to $8,900 on the platform. According to a report by @blckchaindaily, a user executed a large sell order of more than 400 BTC, triggering the price decline. However, the price swiftly returned to normal levels afterward.

A Temporary Drop

A recent incident on the BitMEX exchange saw a significant sell-off of Bitcoin (BTC), resulting in a temporary price drop to $8,900 on the platform. According to a report by @blckchaindaily, a user executed a large sell order of more than 400 BTC, triggering the price decline. However, the price swiftly returned to normal levels afterward.

In response to this unusual activity, BitMEX promptly initiated an investigation to assess the situation. The exchange confirmed that the investigation specifically focused on the BTC-USDT spot market, where the large sell orders were executed. BitMEX assured users that this incident would not impact its derivative markets or the index price for its popular XBT derivatives contracts.

BitMex Update

A release by the exchange said: “We are investigating unusual activity in the past few hours involving a user selling large orders on our BTC-USDT Spot Market.” It highlighted that the incident did not affect its derivative exchange.

Furthermore, BitMEX emphasized that its trading platform continued to operate normally, and users’ funds remained secure throughout the incident. The exchange’s swift response and assurance regarding the integrity of its operations aimed to alleviate any concerns among its user base.

As investigations into the matter proceed, BitMEX reaffirmed its commitment to maintaining a secure and transparent trading environment for its users, underscoring the importance of vigilance and proactive measures in safeguarding against market disruptions.

Author: Candace

Candace loves the arts. She holds some bitcoins.