Flash Crash on BitMEX Drags Bitcoin Price All the Way Down to $8,600

Siamak Masnavi

Around 14:30 UTC (10:30 EDT) on Tuesday (June 2), the price of Bitcoin fell from around $10,150 on BitMEX all the way down to $8,600 in a span of about 15 minutes, as you can see in the 24-hour price chart below:

TV Chart for BitMEX XBTUSD on 2 June 2020.png

This drop to $8,600 was at least $700 greater than the drop on othe exchanges such as Binace, Coinbase, Huobi, and OKEx, as macro-economist and crypto trader Alex Krüger pointed out in the tweet below:

The above tweet prompted Binance Co-Founder and CEO Changpeng Zhao (aka "CZ") to send out the following reply:

Crypto journalist/research Zack Voell made an interesting observation regarding what had happened to Bitcoin bulls and bears on BitMEX today:

Crypto analyst/trader Josh Rager pointed out that this kind of volatility demonstrates the importance of placing stop-loss orders:

This is what popular technical analyst 'Cred" had to say about Bitcoin's recent price action:

Blockchain analytics startup CryptoQuant says that today's crash may have been caused by Bitcoin whales who moved their coins to Binance and BitMEX a few hours before the start of today's Bitcoin flash crash:

Currently (as of 16:00 UTC on June 2), according to data from CryptoCompare, Bitcoin is trading at an average price of $9,469, down 0.71% in the past 24-hour period:

BTC-USD 24 Hour Chart  #3 on 2 Jun 2020.png

Of course, those who are true Bitcoin HODLers are likely to see today's Bitcoin flash crash as nothing more than another opportunity to buy more Bitcoin below the $10K level.

Here is Scott Melker, a crypto trader at Texas West Capital, with his humorous take on today's Bitcoin flash crash:

 

Featured Image by "Pexels" via Pixabay.com