While Bitcoin, the leading cryptocurrency, fell to $ 64,000 over the weekend with its correction, the downward trend in BTC still continues.
At this point, the Bitcoin price experienced a shocking 87% drop from $68,398 to $8,900 on the BitMEX exchange following a large sell order.
BTC started to exhibit unusually volatile movements on the BitMEX exchange yesterday evening, and while the price was above $66,000 on other exchanges, it fell to $59,000 on the BitMEX exchange.
While this abnormal decline in BitMEX continued gradually, each decline was followed by a recovery to normal levels.
However, the biggest decline occurred afterwards. BTC witnessed a much sharper decline from the $64,000 level and dropped to a low of $8,900 around 10:30 p.m.
The recovery was equally rapid and the BTC price rose again to $67,000 in a short time.
While users on X were talking about the reason for this decline in Bitcoin, one user said that the decline was due to whale sales. Accordingly, a whale sold over 850 BTC ($55.49 million) on BitMEX, pushing the XBT/USDT (BTC/USDT) spot pair down to $8,900.
After this sudden drop, he said that he was reviewing large sell orders from his BitMEX X account.
“We are investigating unusual activity involving a user selling large orders on our BTC-USDT spot market in the last few hours.
This does not affect any of our derivatives markets or the index prices of our popular XBT derivative contracts.
The platform is operating normally and all funds are safe.”
*This is not investment advice.