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

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