Welcome back, traders! Yesterday was a really good day. Bitcoin enthusiasts were left in an uproar as the cryptocurrency unexpectedly plummeted to $8,900 on BitMEX thanks to a massive sell order worth $55.49 million. But don’t worry. The crash was as short as a hiccup!
flash crash
Late Monday, the cryptocurrency community witnessed Bitcoin (BTC) suddenly plummet to $8,900 on BitMEX, while other exchanges remained cool with the price comfortably above $60,000.
The free fall began at 22:40 UTC and in the blink of an eye, the price plummeted to $8,900, hitting a low not seen since early 2020, according to data from TradingView. But be careful what you say. The recovery was just as quick, with the price rebounding to $67,000 by 22:50 UTC.
During the roller coaster ride on BitMEX, the global average price of Bitcoin hovered around $67,400.
Rumors abounded on social media, with some accusing the whale-scale sale of being the catalyst for the collapse. According to @syq, one individual offloaded over 850 BTC ($55.49 million) from BitMEX, pushing the XBT/USDT pair down to $8,900.
For those who don’t know, BitMEX’s XBT index monitors the price of Bitcoin, while the XBT/USDT pair tracks the Tether denominated price. Tether is a stablecoin pegged to the numero uno dollar.
After the crash, BitMEX confirmed the incident to users via social media. “We immediately began investigating unusual activity in the BTC-USDT spot market. All of our systems were operating normally, but we noticed aggressive selling behavior involving a very small number of accounts that were significantly outside the expected market range,” BitMEX said in a statement.
But don’t worry, dear cryptocurrency comrades! BitMEX emphasized that its trading platform will operate as usual and all funds will remain very safe and sound.
My Trading Settings
To be honest, I received an order to buy BTC on Bybit for around 64,000 USD. Fortunately, Bitmex’s flash crash did not trigger similar actions on other exchanges. I would have gotten a pretty bad reaction from that scenario.
Currently I have set a long term order at $61450. It is important to maintain this level. Breaking this down you could potentially be looking at 50-53k again. My stop loss is $58400. If so, I plan to re-enter the market again at a lower price.
In other news, Craig Wright is not Satoshi!
Amidst the chaos of the Bitcoin flash crash, another bombshell has fallen on the cryptocurrency world. Controversial figure Craig Wright, who has long claimed that he is the unknown Satoshi Nakamoto, has once again refuted his claims. The true identity of Bitcoin’s creator remains shrouded in mystery, adding yet another layer of intrigue to the ever-evolving story of the cryptocurrency.
final thoughts
In short, Bitcoin’s flash crash may have given us some temporary scares, but in the wild world of cryptocurrencies, it’s back to business as usual!
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You might also like our recent deals blog on Crazy $BOME and $NICK Memecoins.
