Massive Drop on BitMEX
Bitcoin (BTC) has been on a downward spiral since crashing to $64,000 earlier this week. On Monday, the cryptocurrency plummeted to a shocking $8,900 on the BitMEX exchange.
A massive sell-off by an unidentified user caused the price to drop sharply. The user sold over 400 BTC in increments of 10-50 BTC over two hours.
BitMEX has since assured users that it is investigating the “odd behavior” and that the derivatives market remains operational. The exchange also confirmed that user funds and assets are safe.
Concerns over Manipulation
The incident has raised concerns about price manipulation by BitMEX. Some crypto enthusiasts believe the exchange may have orchestrated the drop to liquidate investors and profit.
Schiff Predicts Larger Crash
Gold advocate and crypto critic Peter Schiff believes a larger crash is imminent. He points to the 2021 rally, where BTC peaked at $69,000, followed by a collapse to $16,000 in November 2022.
Schiff argues that the current optimism surrounding BTC suggests a “bigger crash” is on the horizon.
Current Market Conditions
As of writing, Bitcoin is trading at $62,943, down over 7% in the past 24 hours. Its market cap has also decreased by over 7%, while trading volume has increased by 63%.
