Fun

BitMEX whale tanks Bitcoin price to $8.9K during BTC sell-off

News Feed - 2024-03-19 05:03:53

Arijit Sarkar51 minutes agoBitMEX whale tanks Bitcoin price to $8.9K during BTC sell-offAn unknown entity sold over 400 BTC in a short period of time on the BitMEX BTC/USDT spot market; BitMEX began investigating the situation internally.1343 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksCryptocurrency derivatives exchange BitMEX started investigating “unusual activity” after users reported a momentary fall in the Bitcoin (BTC) spot price on the platform.


At around 1 am UTC, users on X reported an anomaly in BitMEX’s BTC/Tether spot market that temporarily brought down Bitcoin prices to roughly $8,900.


Reportedly, an unknown entity sold over 400 BTC in a short period of time. BitMEX confirmed the large sell order on the BTC/USDT spot market and began investigating the situation internally.Source: BitMEX


BitMEX said that its derivatives markets and the prices of the XBT derivatives contracts were not affected by the fluctuation.


According to crypto researcher Syq, the unknown whale sold roughly over 400 BTC in batches of 10–50 BTC over two hours. The researcher also revealed that BitMEX had disabled the withdrawals from some accounts.Source: Syq


In response to the blocked accounts, BitMEX said:“Just to clarify: We have NOT disabled withdrawals for all users, but only for a few accounts that are part of the investigation.”


BitMEX also confirmed that its trading platform is operating normally and all funds are safe.


BitMEX has yet to respond to Cointelegraph’s request for comment.


Related:Spot Bitcoin ETFs could ‘completely destroy’ Bitcoin: Arthur Hayes


The former CEO of BitMEX, Arthur Hayes, previously opined that the spot Bitcoin exchange-traded funds (ETFs) could “completely destroy” Bitcoin if they are too successful.Source: Arthur Hayes


According to Hayes, Bitcoin ETF issuers holding all the BTC would negatively impact the number of transactions on the Bitcoin network, and miners will lose any incentive to keep validating transactions.


“The end result is miners turn off their machines as they can no longer pay for the energy required to run them,” said Hayes. “Without the miners, the network dies, and Bitcoin vanishes.”


Magazine:South Africa’s digital-nomad crypto hub: Cape Town, Crypto City Guide# Bitcoin# Business# Smart Contracts# BitMEX# Derivatives# Decentralized Exchange# TradingAdd reactionAdd reactionRead moreBitcoin mining firm Bit Digital reports revenues up nearly 40%Bitcoin levels to watch next as BTC price risks sub-$60K retestWorld’s largest pension fund explores diversifying into Bitcoin

News Feed

Turner Wright5 hours agoSam Bankman-Fried aspired to become US president, says Caroline EllisonThe former CEO of crypto exchange FTX also reportedly explored paying off Donald Trump from running for U.S. president again.
Digital Commodity Exchange Act of 2020: US Lawmakers Propose Single National Crypto Framework
Digital Commodity Exchange Act of 2020: US Lawmakers Propose Single National Crypto FrameworkLawmakers in the U.S. have introduced the Digital Commodity Exchange Act of 2020 to crea
US Law Enforcement Traces Bitcoin Transfers to Nab ‘Largest’ Child Porn Site
A U.S. federal grand jury indicted a South Korean citizen for operating the largest child porn site by volume, where visitors spent millions of dollars worth of bitcoin to pay for the illegal content.
BTC price clings to $62K as Bitcoin bulls suffer post-halving ‘boredom’
William Suberg28 minutes agoBTC price clings to $62K as Bitcoin bulls suffer post-halving ‘boredom’Bitcoin may be preparing for trend continuation, but on short timeframes, BTC price behavior is inspiring no one.274
FTSE 100 Company, Entain, Deploys Syntropy to Improve Global Network Performance
FTSE 100 Company, Entain, Deploys Syntropy to Improve Global Network Performance press release PRESS RELEASE.PALO ALTO – April 7th, 2022— Syntropy, a transformative We
Marathon Patent Group Buys $150 Million Worth of Bitcoin as a Reserve Asset
Marathon Patent Group Buys $150 Million Worth of Bitcoin as a Reserve Asset Marathon Patent Group announced Monday that it bought 4,813 bitcoins in a deal worth
Bitcoin Sentiment on Twitter Reaches Its Highest Level in 3 Years, Says Data Firm The Tie
Bitcoin Sentiment on Twitter Reaches Its Highest Level in 3 Years, Says Data Firm The TiePositive investor sentiment about bitcoin (BTC) on Twitter has reached record levels –
Indian enforcement agency collaborates with Binance to bust scam app
Prashant Jha16 minutes agoIndian enforcement agency collaborates with Binance to bust scam appThe law enforcement agency managed to track the funds linked to the E-Nugget scam app to different crypto exchanges and, with
Bitcoin sell pressure risk as $1.7B in dormant BTC moves over 2 days
Tom Mitchelhill5 hours agoBitcoin sell pressure risk as $1.7B in dormant BTC moves over 2 daysThe movement of more than $1.7 billion in “dormant” Bitcoin could lead to downward pressure on Bitcoin in the coming weeks
SIDUS HEROES Receives Investment From Animoca Brands, Alameda Research, Bloktopia, OKEX, Polygon and Master Ventures
SIDUS HEROES Receives Investment From Animoca Brands, Alameda Research, Bloktopia, OKEX, Polygon and Master Ventures press release PRESS RELEASE. February 04th–Sydney, Austra
Forex Shortages Force Nigerian Corporates to Turn to Parallel Market
Forex Shortages Force Nigerian Corporates to Turn to Parallel Market Nigeria’s ongoing shortage of foreign exchange is forcing corporates and businesses to
Gareth Jenkinson18 hours agoThai authorities arrest 5 in 3,200-victim, $27M crypto scamVictims lost over $27 million worth of Thai baht after investing in a fraudulent cryptocurrency investment platform.5617 Total views6