Bitcoin Price Drops to $8,900 on BitMEX, Exchange Launches Investigation

BitMEX is conducting an investigation into an unusual trading activity that caused a flash crash and Bitcoin price drop on its platform. Late on Monday, the price of Bitcoin against Tether’s USDT stablecoin plummeted to as low as $8,900 on BitMEX, while the largest cryptocurrency was trading well above $66,000 on other exchanges. However, the price on BitMEX quickly rebounded, and as of 4:10 p.m. Singapore time, Bitcoin was trading at $64,284, according to a report from Bloomberg. BitMEX Examines the Sudden Bitcoin Price DropIn response to the incident, a spokesperson for BitMEX stated that the company has thoroughly examined the matter and discovered evidence of “aggressive selling behavior involving a very small number of accounts that exceeded expected market ranges.” The spokesperson also reassured users that the exchange’s systems had operated normally throughout the event and that all user funds remain secure.One user, an account named @syq, initially reported the sudden selloff and suggested that it coincided with the sale of 977 Bitcoin, equivalent to approximately $66 million.