Key Takeaways
- Bitcoin briefly crashed to $8,900 on BitMEX before quickly recovering to $67,000 in a matter of minutes.
- The crash was attributed to a large sale of over 850 BTC, sparking a swift investigation by BitMEX into the event.
- BitMEX reassured users that their platform is fully operational and all funds are safe.
BitMEX, a crypto exchange, has initiated an investigation following reports of an unexpected drop in Bitcoin's (BTC) value on their platform.
This unexpected event caught the attention of many within the cryptocurrency community, as the price dramatically fell to $8,900 before quickly recovering to $67,000 in a matter of minutes.
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The dramatic drop prompted speculation on social media, with users suggesting that a sale of over 850 BTC by a "whale," or large-scale investor, triggered the crash.
As a response, BitMEX released a statement confirming that it had initiated an investigation into the unusually large sell orders and that its systems were functioning normally.
To ensure the integrity of the investigation and the safety of all users' funds, BitMEX also announced a temporary suspension of withdrawals "for a few accounts that are part of the investigation."
While this incident stirred BitMEX, Bitcoin's price on other exchanges remained stable, hovering around the $60,000 mark.
Nonetheless, BitMEX's commitment to investigating the situation underscores its dedication to maintaining a stable trading environment, even in the face of unexpected market events.
In other news, a recent report by JPMorgan challenges the previously held belief that there has been a significant investment shift from gold to Bitcoin.
