Last week, Bitcoin plummeted from $ 7,500 to $ 3,800 at extremely low levels, due to a panic sell-off combined with a liquidation crisis and the DDoS attack on BitMEX created a round of liquidation causes Bitcoin price to drop at a faster rate.
But instead of cleaning up their actions, strange price action continues to take place on this margin trading platform. In the latest scandal, the price of Bitcoin Sept Futures jumped to $ 8,700 before falling to its normal price.
When will the issues on BitMEX end?
BitMEX has long been the king in the cryptocurrency space, in terms of overall transaction volume and impact on the entire market.
The platform's open interest rate can often affect the ongoing price action in the cryptocurrency market and some of the market's leading traders are living and working there.
Following a series of liquidations last week, which BitMEX blamed on DDoS attacks, the platform nearly pushed Bitcoin's price to zero, until unplugged. Almost immediately, the price per BTC started to pop up on spot exchanges like Coinbase.
After the event, large traders were too afraid to trade there, resulting in a blank order book compared to the days before the collapse. As Bitcoin Magazine reported this morning, a cryptocurrency hedge fund went bankrupt after a dark Thursday, allegedly due to the fact that Bitmex stopped trading for 45 minutes, preventing them from taking action.
These empty orders could have caused a beard of up to $ 8,700 on the Bitcoin futures platform this morning. Meanwhile, the Bitcoin price was actually trading at around $ 6,800 at the time, with the highest beard of $ 7,100.
This long beard hits the traders' stop loss causing a cascading effect just like what happened when the liquidation in chaos caused Bitcoin's price to crash last week. Rebellious price actions like these have become “normal” for BitMEX.
The crisis of liquidation has usurped King of Bitmex?
According to the data, the lack of trust in BitMEX corresponds to the severe decline of the interest rate open platform (pictured above), indicating that one of the two major traders has left BitMEX.
The platform has long dominated Bitcoin trading volume across the crypto industry, by providing Long and Short positions with leverage up to x100 for cryptocurrency trading. But with persistent issues plaguing the platform and an investigation from the CFTC, traders finally ran out of patience.
Bitmex is like the Nigh King of the crypto market
And with Binance and even Coinbase recently jumping into the game, and the rapid growth of competing margin trading platforms like ByBit, PrimeXBT and FTX and more, BitMEX has to clean up its actions. because of the risk of losing the throne.
It is true that it is harder for a cow to ascend to the throne, even to a throne.
According to NewsBTC
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