Title: Bitcoin Flash Crash: A Rollercoaster Ride for Traders
Yesterday, Bitcoin enthusiasts were in for a wild ride as the cryptocurrency unexpectedly plunged to $8,900 on BitMEX, thanks to some hefty sell orders worth $55.49 million. But fear not, the crash was as brief as a hiccup!
Late Monday, Bitcoin experienced a sudden tumble to $8,900 on BitMEX, while other exchanges maintained their cool with prices comfortably above $60,000. The freefall commenced at 22:40 UTC, and within a blink of an eye, prices nosedived to $8,900, hitting lows not seen since early 2020. However, the recovery was just as swift, with prices bouncing back to $67,000 by 22:50 UTC.
Rumors were rife on social media, with some pointing fingers at whale-sized selling as the catalyst for the crash. According to reports, an individual offloaded over 850 BTC ($55.49 million) on BitMEX, dragging the XBT/USDT pair down to $8,900.
Post-crash, BitMEX assured users that they’re on the case and that all funds are safe. Meanwhile, in other news, Craig Wright’s claim to be Satoshi Nakamoto was refuted once again, adding another layer of intrigue to the crypto world.
In a nutshell, Bitcoin’s flash crash may have given traders a momentary scare, but it’s back to business as usual in the wild world of cryptocurrencies. If you enjoy our content, you can support us by signing up for a Bybit Account with our referral link. Don’t forget to claim your bonuses if you buy/sell or trade crypto.
