Bitcoin

<ul><li>Bitcoin&#39;s price plummeted by 87% on BitMEX due to a large sell order, dropping from $68,398 to $8,900 within hours.</li><li>The crash, attributed to a sale of 400 BTC at low prices, highlighted BitMEX&#39;s vulnerability due to low market depth.</li><li>Standard Chartered remains optimistic about Bitcoin, predicting a year-end price of $150,000 and potential highs of $250,000 next year.</li></ul>Bitcoin experienced an unusual drop on crypto trading platform BitMEX late Monday, plunging by 87% from an opening price of $68,398 to a dramatic low of $8,900. This event occurred at 22:30 (UTC) following a massive sell order. Prior to this collapse, from 20:00 UTC, Bitcoin&#39;s value on BitMEX began to deviate significantly, initially falling to $59,570, while other exchanges reported prices above $66,000.The series of price drops continued, with <a href="https://cryptotale.org/bitcoin-dips-below-70k-altcoins-avax-ftm-sol-shine-amid-correction-phase/" rel="noopener noreferrer nofollow">Bitcoin</a> hitting $50,000 at 21:45 and then $38,200 fifteen minutes later, despite brief recoveries to normal trading levels. A subsequent recovery above $64,000 was short-lived, as a steep drop brought it down to $8,900 by 22:30, marking a return to price levels last seen in April 2020.Although Bitcoin quickly recovered from this low, it continued to trade at a slight discount to other platforms on BitMEX, where it was trading at roughly $65,028 in the wake of the event. Blockchain Daily, a macroeconomic news platform, identified the root of these drastic movements early Tuesday, attributing them to the sale of 400 BTC worth approximately $26 million at unusually low prices on BitMEX&#39;s spot market.<a href="https://cryptotale.org/bitcoin-takes-a-dive-on-bitmex-an-87-drop-triggers-investigation/" rel="noopener noreferrer nofollow">Read full article at CryptoTale.</a>

Bitcoin Takes a Dive on BitMEX: An 87% Drop Triggers Investigation

CryptoTale

Other articles published on Mar 19, 2024

KuCoin Lists Polyhedra (ZK), Unlocking Improvements in Computational Power

Spot Ethereum ETF: Fidelity Adds Staking In Latest Filing

Blackrock Bitcoin ETF Volume Crosses $10 Billion, BTC Price Expected to Hit $100K After Halving

Bitcoin Dropped Below $63K — Is BTC Going On Sale As Japan's Government Pension Fund Asks For Inf...

US economist predicts Bitcoin’s ‘catastrophic crash’ due to ETFs

Sharp Increase in XRP Trading Volume as Crypto Market Declines

Join our free newsletter for daily crypto updates!