{"id":598675,"date":"2024-03-19T14:00:58","date_gmt":"2024-03-19T14:00:58","guid":{"rendered":"https:\/\/wncen.com\/?p=598675"},"modified":"2024-06-11T08:02:54","modified_gmt":"2024-06-11T08:02:54","slug":"bitcoin-suffers-massive-drop-on-bitmex-bulls-over","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-suffers-massive-drop-on-bitmex-bulls-over\/","title":{"rendered":"Bitcoin Suffers Massive Drop On BitMEX, Is The Rally Over?"},"content":{"rendered":"

Since Bitcoin (BTC) witnessed a crash this week to $64,000, the crypto asset has not been able to reclaim its momentum, with the price falling <\/span>even lower.<\/span><\/a> This has led to a general market decline that has affected altcoins.<\/span><\/p>\n

Bitcoin Plummets To $8,900 On BitMEX Exchange<\/span><\/h2>\n

In a devastating turn of events, Bitcoin witnessed a steep decline on the Seycelles-based cryptocurrency exchange BitMEX on Monday. <\/span>Reports<\/span><\/a> from blockchain media, Wu Blockchain, revealed that Bitcoin fell to around $8,900, following a massive BTC sell-off on the platform.<\/span><\/p>\n

Related Reading: BitMEX Whales Buy Bitcoin: What History Says Will Happen Next<\/a><\/div>\n

Wu Blockchain reported that a user sold over 400 BTC, which led to the price of Bitcoin falling to the aforementioned figure. Over the space of two hours, the unidentified user sold the 400 BTC in groups of 10\u201350 BTC.<\/span><\/p>\n

Consequently, BitMEX’s market stability was impacted since the user sold the assets for incredibly low prices. However, according to reports from Blockchain Daily, the event was short-lived as prices have now returned to the normal level.<\/span><\/p>\n

In response to the development, <\/span>BitMEX<\/span><\/a> has assured the crypto community that it is “looking into odd behavior” involving users selling substantial orders on the spot market for BTC-USDT.<\/span><\/p>\n

The crypto platform further stated that while the investigation is ongoing, “the derivatives market will still be operational, including the index price for its popular XBT derivatives contracts.” Furthermore, the exchange confirmed the safety of users’ funds and assets, and the platform is “running as usual.”<\/span><\/p>\n

Given that the price of Bitcoin was situated at $68,000 before the incident, the drop indicates an over 87% decline. After falling to $8,900, <\/span>Bitcoin<\/span><\/a> recovered, but the abnormal price fluctuations lasted for an additional 30 minutes before things returned completely to normal.<\/span><\/p>\n

The development has since stirred quite a frenzy within the cryptocurrency landscape, leaving the community to ponder on the reason behind the drop. Several crypto enthusiasts believe that the incident was a move orchestrated by BitMEX to manipulate prices to liquidate investors and end up making a lot of money.<\/span><\/p>\n

Larger Crash Might Take Place<\/span><\/h2>\n

As Bitcoin continues to move downward, Gold advocate and crypto critic Peter Schiff has <\/span>forecasted<\/span><\/a> a larger crash for prices. At first, Peter Schiff drew the crypto community’s attention to the 2021 rally, in which BTC peaked at $69,000.<\/span><\/p>\n

Related Reading: Peter Schiff Warns Investors From Bitcoin, Says They Should Buy This Instead<\/a><\/div>\n

However, the largest cryptocurrency witnessed a collapse the next year, and by November 2022, it was already trading at $16,000. As a result, <\/span>Schiff<\/span><\/a> mocked Bitcoin enthusiasts, asking, “How many of them still have their laser eyes on their profiles.”<\/span><\/p>\n

Thus, considering that the majority are presently more optimistic about BTC, Schiff anticipates a “bigger crash” is probably on the horizon. <\/span><\/p>\n

As of the time of writing, the price of Bitcoin was trading at $62,943, indicating an over 7% decline in the past 24 hours. Its market cap is down more than 7%, while its trading volume holds steady increasing by 63% in the past day.<\/span><\/p>\n

\"Bitcoin\"
BTC trading at $63,780 on the 1D chart | Source: BTCUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image from iStock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Since Bitcoin (BTC) witnessed a crash this week to $64,000, the crypto asset has not been able to reclaim its momentum, with the price falling even lower. This has led to a general market decline that has affected altcoins. Bitcoin Plummets To $8,900 On BitMEX Exchange In a devastating turn of events, Bitcoin witnessed a steep decline on the Seycelles-based cryptocurrency exchange BitMEX on Monday. Reports from blockchain media, Wu Blockchain, revealed that Bitcoin fell to around $8,900, following a massive BTC sell-off on the platform. Related Reading: BitMEX Whales Buy Bitcoin: What History Says Will Happen Next Wu Blockchain reported that a user sold over 400 BTC, which led to the price of Bitcoin falling to the aforementioned figure. Over the space of two hours, the unidentified user sold the 400 BTC in groups of 10\u201350 BTC. Consequently, BitMEX’s market stability was impacted since the user sold the assets for incredibly low prices. However, according to reports from Blockchain Daily, the event was short-lived as prices have now returned to the normal level. In response to the development, BitMEX has assured the crypto community that it is “looking into odd behavior” involving users selling substantial orders on the spot market for BTC-USDT. The crypto platform further stated that while the investigation is ongoing, “the derivatives market will still be operational, including the index price for its popular XBT derivatives contracts.” Furthermore, the exchange confirmed the safety of users’ funds and assets, and the platform is “running as usual.” Given that the price of Bitcoin was situated at $68,000 before the incident, the drop indicates an over 87% decline. After falling to $8,900, Bitcoin recovered, but the abnormal price fluctuations lasted for an additional 30 minutes before things returned completely to normal. The development has since stirred quite a frenzy within the cryptocurrency landscape, leaving the community to ponder on the reason behind the drop. Several crypto enthusiasts believe that the incident was a move orchestrated by BitMEX to manipulate prices to liquidate investors and end up making a lot of money. Larger Crash Might Take Place As Bitcoin continues to move downward, Gold advocate and crypto critic Peter Schiff has forecasted a larger crash for prices. At first, Peter Schiff drew the crypto community’s attention to the 2021 rally, in which BTC peaked at $69,000. Related Reading: Peter Schiff Warns Investors From Bitcoin, Says They Should Buy This Instead However, the largest cryptocurrency witnessed a collapse the next year, and by November 2022, it was already trading at $16,000. As a result, Schiff mocked Bitcoin enthusiasts, asking, “How many of them still have their laser eyes on their profiles.” Thus, considering that the majority are presently more optimistic about BTC, Schiff anticipates a “bigger crash” is probably on the horizon. As of the time of writing, the price of Bitcoin was trading at $62,943, indicating an over 7% decline in the past 24 hours. Its market cap is down more than 7%, while its trading volume holds steady increasing by 63% in the past day. Featured image from iStock, chart from Tradingview.com<\/p>\n","protected":false},"author":608,"featured_media":565555,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,956,91888,1119,1144,78790,2209,41003,91887],"class_list":["post-598675","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitmex","tag-blockchain-daily","tag-btc","tag-btcusd","tag-btcusdt","tag-gold","tag-peter-schiff","tag-wu-blockchain"],"acf":[],"yoast_head":"\nBitcoin Suffers Massive Drop On BitMEX, Is The Rally Over?<\/title>\n<meta name=\"description\" content=\"Since Bitcoin witnessed a crash in the past week to $64,000, it has not been able to reclaim its momentum with the price falling even lower.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life. My parents are literally the backbone of my story. They\u2019ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won\u2019t trade them for anything else in this world. I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments. When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency. Trust me, I\u2019ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that\u2019s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets. My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies. Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is. One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others. I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams. I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I\u2019m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top. I aspire to be a boss someday, having people work under me just as I\u2019ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.","sameAs":["https:\/\/x.com\/NFTwerey"],"url":"https:\/\/wncen.com\/author\/godspowerowie\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Suffers Massive Drop On BitMEX, Is The Rally Over?","url":"http:\/\/wncen.com\/news\/bitcoin-suffers-massive-drop-on-bitmex-bulls-over\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-suffers-massive-drop-on-bitmex-bulls-over\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/iStock-1248674191.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/iStock-1248674191.jpg?fit=2120%2C1415"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Godspower Owie"}],"creator":["Godspower Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitmex","blockchain daily","btc","btcusd","btcusdt","gold","peter schiff","wu blockchain"],"dateCreated":"2024-03-19T14:00:58Z","datePublished":"2024-03-19T14:00:58Z","dateModified":"2024-06-11T08:02:54Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Suffers Massive Drop On BitMEX, Is The Rally Over?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-suffers-massive-drop-on-bitmex-bulls-over\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-suffers-massive-drop-on-bitmex-bulls-over\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/iStock-1248674191.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/iStock-1248674191.jpg?fit=2120%2C1415\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Godspower Owie\"}],\"creator\":[\"Godspower Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitmex\",\"blockchain daily\",\"btc\",\"btcusd\",\"btcusdt\",\"gold\",\"peter schiff\",\"wu blockchain\"],\"dateCreated\":\"2024-03-19T14:00:58Z\",\"datePublished\":\"2024-03-19T14:00:58Z\",\"dateModified\":\"2024-06-11T08:02:54Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/iStock-1248674191.jpg?fit=2120%2C1415","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/598675"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/608"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=598675"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/598675\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/565555"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=598675"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=598675"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=598675"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}