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In a wild rollercoaster ride on Monday evening, Bitcoin (BTC) took an unexpected plunge on BitMEX, dropping to a startling low of $8,900 while other exchanges maintained prices well above $60,000.
The descent kicked off at 22:40 UTC, and in just two minutes, BTC hit its lowest point since early 2020, as reported by TradingView. However, the rebound was just as swift, with prices soaring back up to $67,000 by 22:50 UTC.
Despite the frenzy on BitMEX, the global average price of BTC remained stable at around $67,400 throughout the tumultuous ordeal.
Allegations on social media suggest that whale selling triggered a price crash, with one user named @syq on X, claiming a sale of over 850 BTC ($55.49 million) on BitMEX drove the XBT/USDT pair down to $8,900. BitMEX, whose XBT index tracks Bitcoin’s price, stated it is investigating the large sell orders following the crash.
BitMEX responded to a post by @syq on Twitter, “We are investigating unusual activity in the past few hours involving a user selling large orders on our BTC-USDT Spot Market. This does not affect any of our derivative markets, nor the index price for our popular XBT derivatives contracts.”
Imagine the wild rollercoaster ride Bitcoin took on Monday night! It was like watching a suspenseful thriller unfold in the world of cryptocurrency.
Also Read: Bitcoin $2.9B Crypto Inflow Pushes Total Assets to $97B
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