- BitMEX user dumps 400 BTC, causing price drop to $8,900.
- BitMEX investigates unusual activity; assures customer assets are secure.
- Bitcoin stabilizes near $65,000 after significant intraday and weekly declines.
Recent reports indicate that a user of BitMEX offloaded over 400 Bitcoins
The individual in question might be labeled a “rogue seller” due to their participation in an abrupt and substantial transaction. Typically, a rogue seller is defined as someone who carries out a large-scale sale of assets unexpectedly without concern for the resulting price effects. The BitMEX Bitcoin trader in question could be termed a rogue for their action of offloading 400 BTC, which resulted in a loss of tens of millions of dollars due to the acceptance of suboptimal prices. It is suspected that a malfunctioning algorithm may have conducted the sale.
In reaction to the situation, BitMEX has confirmed that it is investigating the “unusual activity.” Furthermore, the exchange has reassured that BitMEX’s operations are continuing as usual and that its customers’ assets are secure. BitMEX further stated, “This incident has no impact on any of our derivative markets, nor does it affect the index price for our widely used XBT derivatives contracts.”
The price of Bitcoin on BitMEX has stabilized, remaining near the $65,000 level. Present data from CoinMarketCap indicates that Bitcoin’s value is at a weekly low, trading at $65,298. In the past 24 hours, Bitcoin’s value has significantly dropped, showing a 4.28% decline. Over the last week, Bitcoin’s price has fallen by 8.87%. Yet, over the course of one month, Bitcoin’s price has experienced an increase exceeding 25%.
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