Bitcoin spot price "XBT/USDT" briefly dropped to $8,900, BitMEX responds: Investigating

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BitMEX Bitcoin Price Drops to $8,900

Data shows that the BitMEX spot trading pair XBT/USDT dropped to $8,900, a decrease of 86.73% at 06:30 Taiwan time on March 19th.

It recovered to the $65,000 level approximately half an hour later.

BitMEX: Under Investigation, Withdrawals Not Disabled

Twitter user @syq pointed out that a trader sold over 400 BTC in batches of 10-50 within two hours, causing a slippage of over 30%, and BitMEX has temporarily halted user withdrawals.

In response, BitMEX explained that withdrawals were not disabled for all users, but only for a few accounts under investigation.

BitMEX responded:

We are investigating abnormal activity where large sell orders have been placed on the BTC spot market over the past few hours. This will not affect any of BitMEX's derivative markets or the XBT derivative contract index price. The trading platform is operating normally, and all funds are safe.

Someone just dumped 400+ BTC over 2 hours in 10-50 BTC clips on the XBTUSDT pair on Bitmex eating 30%+ slippage. They must've lost $4m+ at least. pic.twitter.com/g64NRQ4h5a

— syq (@syq) March 18, 2024