{"id":11762,"date":"2024-03-19T17:39:49","date_gmt":"2024-03-19T15:39:49","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-price-on-bitmex-dips-to-8900-amid-large-sell-off\/"},"modified":"2024-03-19T17:39:49","modified_gmt":"2024-03-19T15:39:49","slug":"bitcoin-price-on-bitmex-dips-to-8900-amid-large-sell-off","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoin-price-on-bitmex-dips-to-8900-amid-large-sell-off\/","title":{"rendered":"Bitcoin Price on BitMEX Dips to $8,900 Amid Large Sell-Off"},"content":{"rendered":"<p>The cryptocurrency exchange BitMEX experienced a sharp drop in the spot price of Bitcoin against USDT, falling below $8,900.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Someone just dumped 400+ BTC over 2 hours in 10-50 BTC clips on the XBTUSDT pair on Bitmex eating 30%+ slippage. They must&#8217;ve lost $4m+ at least. <a href=\"https:\/\/t.co\/g64NRQ4h5a\">pic.twitter.com\/g64NRQ4h5a<\/a><\/p>\n<p>\u2014 syq (@syq) <a href=\"https:\/\/twitter.com\/syq\/status\/1769845655462191282?ref_src=twsrc%5Etfw\">March 18, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Someone just sold over 400 BTC in two hours in batches of 10-50 BTC on the XBT\/USDT pair on BitMEX with over 30% slippage. [Traders] must have lost at least $4 million,&#8221; wrote the crypto researcher known as syq.<\/p>\n<\/blockquote>\n<p>BitMEX representatives responded to the &#8220;unusual activity&#8221; related to the sale of large orders. According to them, the exchange has already begun investigating the incident.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">We are investigating unusual activity in the past few hours involving a user selling large orders on our BTC-USDT Spot Market.<\/p>\n<p>This does not affect any of our derivative markets, nor the index price for our popular XBT derivatives contracts. <\/p>\n<p>The trading platform is operating\u2026<\/p>\n<p>\u2014 BitMEX (@BitMEX) <a href=\"https:\/\/twitter.com\/BitMEX\/status\/1769907045954986476?ref_src=twsrc%5Etfw\">March 19, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;This does not affect any of our derivative markets, nor the index price for our popular XBT derivatives contracts. The trading platform is operating normally, and all funds are safe,&#8221; the statement said.\u00a0<\/p>\n<\/blockquote>\n<p>BitMEX also disabled withdrawals for several accounts related to the incident.<\/p>\n<p>Later, the company reported that it is investigating &#8220;potential misconduct&#8221; by traders on the BTC\/USDT spot market.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">\u201cBitcoin down to $8,900 on BitMEX?&#8221; Well, not quite the whole picture.<\/p>\n<p>Yes, we are investigating potential misconduct by traders on our Bitcoin-USDT Spot market (?Did you even know we offer Spot trading?)<\/p>\n<p>However, this incident had NO impact on our billion-dollar derivatives\u2026 <a href=\"https:\/\/t.co\/qWXXnyQxjw\">pic.twitter.com\/qWXXnyQxjw<\/a><\/p>\n<p>\u2014 BitMEX (@BitMEX) <a href=\"https:\/\/twitter.com\/BitMEX\/status\/1770036207424344271?ref_src=twsrc%5Etfw\">March 19, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;We create fair and equal markets for all, without employing internal market makers. The Bitcoin sell orders this morning were too large and frequent for <span data-descr=\"market makers\" class=\"old_tooltip\">MM<\/span> and other traders to react to. As usual, our compliance team is reviewing the accounts and transactions that caused such price movement,&#8221; BitMEX explained.<\/p>\n<\/blockquote>\n<p>Deposits and withdrawal requests on the trading platform continue to be processed as usual, added the exchange representatives.<\/p>\n<p>Back in late February, Coinbase <a href=\"https:\/\/forklog.com\/en\/news\/coinbase-resolves-zero-balance-glitch\">faced an issue<\/a> with &#8220;zero balances.&#8221; The company&#8217;s head, Brian Armstrong, attributed it to an &#8220;enormous&#8221; influx of users.<\/p>\n<p>In early March, the exchange experienced similar difficulties with delays and account resets.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency exchange BitMEX experienced a sharp drop in the spot price of Bitcoin against USDT, falling below $8,900. Someone just dumped 400+ BTC over 2 hours in 10-50 BTC clips on the XBTUSDT pair on Bitmex eating 30%+ slippage. They must&#8217;ve lost $4m+ at least. pic.twitter.com\/g64NRQ4h5a \u2014 syq (@syq) March 18, 2024 &#8220;Someone just [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11761,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,788],"class_list":["post-11762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-bitmex"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/11762","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=11762"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/11762\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/11761"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=11762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=11762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=11762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}