Bitcoin Flash Crash on Bitmex: Considered Suspicious, Investigation Underway

Bittime - Bitcoin prices experienced a surprising drastic drop on Tuesday on the Bitmex exchange, a crypto derivatives trading platform. 

This drop, which some have called a " flash crash ", caused Bitcoin's price to fall by up to 80% in a matter of minutes before rebounding to normal levels.

Sharp Drop and Quick Rebound

The sharp drop began at 22:40 UTC, and within just two minutes, the price fell to its lowest level since early 2020. This sudden drop was followed by an equally rapid recovery, with the price back up to $67,000 within 10 minutes of the drop .

These erratic price movements raise questions and concerns among crypto market players.

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Bitmex Launches Investigation

In response to this event, Bitmex announced that it has launched a full investigation to understand the cause of the flash crash. 

"We are investigating a price anomaly that occurred in BTC/USD on March 20, 2024," Bitmex wrote in a statement. "Our priority is ensuring the integrity of our platform and protecting the interests of our customers."

BTC Price Today

Source:  Bittime 

Based on the Bittime market today, March 20 2024, the price of BTC was observed to have decreased by 5.37 percent in the last 24 hours. Currently the price of BTC to IDR is IDR 991,506,656 .

Also Read How to Buy Crypto:

Alleged Market Manipulation

Some crypto analysts suspect that the flash crash may have been caused by market manipulation. They argue that bad actors who have large short positions (bets on prices going down) may have artificially triggered price declines to force the liquidation of long positions (bets on prices going up) of other investors. However, there is currently no conclusive evidence to support this allegation.

Although the flash crash was localized to Bitmex, this event caused fear in the wider crypto market. Bitcoin prices on other exchanges also experienced a decline, although not as drastically as what happened on Bitmex.

This flash crash is a reminder of the inherent volatility of the crypto market. This event also highlights the importance of stricter regulations to prevent market manipulation and protect investors.

Conclusion

Bitmex's investigation into the flash crash is still ongoing. Meanwhile, crypto market players are watching closely to find out the findings and next steps that Bitmex will take.

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How to Buy Bitcoin (BTC) on Bittime

You can buy and sell  Bitcoin (BTC)  in an easy and safe way via  Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Bitcoin (BTC)  is available on Bittime with  the market pair BTC/IDR . To be able to buy  BTC IDR  at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn  the complete guide on how to buy Bitcoin (BTC) on Bittime . 

Monitor price  chart movements for Bitcoin (BTC ) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime. 

Also read:

Bitcoin Reverses Direction to $65,000, Investors Watch Risks of Fed Decision

Bitcoin Flash Crash: Losing Billions? Check out the Impact and Analysis

What is Bitcoin Halving and How Does It Affect Bitcoin?

DISCLAIMER:  This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.