Bitcoin prices spiked to $ 6,900 when BitMEX turned offline.

[ZedBinh]

Bitcoin prices jumped on Wednesday morning, rising nearly $ 300 in less than a minute to break out of the barriers of recent days.

It happened exactly at 1:00 UTC, when the BTC rose from $ 6,466 to $ 6,745 in a one-minute candle on Bitfinex and bitcoin prices continued to rise thereafter, rising above $ 6,800 and peaking at $ 6,899. USD before returning to its present value of $ 6,716 (2:15 p.m).

http://tinyimg.io/i/Vkl76Fq.png

The special thing here is that this happened near the time of BitMEX - an electronic money trading platform that processed billions of dollars worth of daily deals - offline for periodic maintenance. Therefore, this phenomenon may not be permanent.

http://tinyimg.io/i/VqKqxyI.png

At the time of writing, BitMEX had begun to restore the service, although it had not reactivated the transaction service. Therefore, it is possible that this sudden price increase will last until noon.

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[mk4]

There was a tweet that says that Bitfinex did something fishy and took advantage of BitMEX's downtime. No comment from me for now. Couldn't confirm if the tweet is legit as Bitfinexed's Twitter is private. Thoughts?

[btc_angela]

So obviously there's manipulation from behind. And I was quite surprise to see the price spike to $6700 now and I wonder what's the reason. We have been trading sideways for the last couple of weeks and I thought that this is a break out run.  . For sure day traders have taken advantage of the situation, but I wouldn't be surprise if the price goes to $6400-$6500 again because this is just artificial pump.

[kiboloves]

I'm not surprised that BitMEX happens when it's offline. We all know there's a lot of insider trading on the exchanges. Investors lose a lot of money in futures trading on many exchanges. I even think the exchange is the biggest whale in the market. Each of us may have to put bitcoins in our wallets.

[Frances_McGlothlin]

So obviously there's manipulation from behind. And I was quite surprise to see the price spike to $6700 now and I wonder what's the reason. We have been trading sideways for the last couple of weeks and I thought that this is a break out run.  . For sure day traders have taken advantage of the situation, but I wouldn't be surprise if the price goes to $6400-$6500 again because this is just artificial pump.

Yeah a $300 leap in 1 min for no fundamental reason is just unbelievable, especially if it lines up so conveniently with the maintenance of another platform. These clowns are taking advantage of each other to line up tether pumps so they can make short term profits off the swings. Not that it's much different from what the giant hedge funds & institutional investors do on the London, New York opens.

It's been quite stable and managed to keep a green 4H so it might not necessarily drop back down. Sometimes a breakout is all that's needed for a good signal to the other traders.

[audaciousbeing]

This is far from mere coincidence at all because a surge happening at the same time as the maintenance is something worthy of concern. However, the amount of money that would be involved to make such command such surge is what I am still trying to understand and how all the numerous exchange sites all over the world would just key into the change in price in a matter of minutes leaves so many questions unanswered.

Evidences put forward to me could be interpreted as circumstantial because I don't believe some manipulations of those high level would leave traces such as this to be found easily on the internet which means this too will pass and there is need for everyone to be more careful. Its a high price that result today, tomorrow it could be a huge fall in price.

[Lizzyflower]

This means it could be true the whole manipulation by BitMex as regards bitcoin price. Am not concluding yet till they fully come back.

[Bitocek100000]

There is nothing surprising in this growth. The usual manipulation of Bitfinex. On the eve they transferred 100,000 Tether to their wallet.

[indayburakday012]

Like the other members said that there is a market price manipulation here in bitcoin market price. As the system goes offline people are investing which resulted to peak the market price up to 6.9K. This is the proof that the people has a good trust on bitcoin because even market price is down they still do invest.

[xuzukami]

Bitcoin prices jumped on Wednesday morning, rising nearly $ 300 in less than a minute to break out of the barriers of recent days. It happened exactly at 1:00 UTC, when the BTC rose from $ 6,466 to $ 6,745 in a one-minute candle on Bitfinex and bitcoin prices continued to rise thereafter, rising above $ 6,800 and peaking at $ 6,899. USD before returning to its present value of $ 6,716 (2:15 p.m).

[jseverson]

Here's a more detailed account of what exactly went down:

https://itradeico.com/2018/08/possible-manipulation-bitmex-goes-down-exactly-after-tether-moved-to-bitfinex-bitcoin-gains-500-in-30-minutes/17634

All I can really say is that what happened is definitely fishy, but all we can really do is speculate. This is one of those moments where you kind of wish the crypto markets were regulated just so people can't get away with pulling stuff like this. And of course Tether just had to be involved lmao.

[talkbitcoin]

There was a tweet that says that Bitfinex did something fishy and took advantage of BitMEX's downtime. No comment from me for now. Couldn't confirm if the tweet is legit as Bitfinexed's Twitter is private. Thoughts?

Bitfinexed twitter seems more like a trolling tweeter to me to be honest. so my first thought is that the person behind it just tried taking advantage of a situation and spread some trolling.

however it is possible that something was going on in the background although if you look at other exchanges they were also having the same reaction. and rises like this is not really a big deal it was a small 6% rise and it may have happened because price broke above $6.5k which bots were watching and considering as a "resistance"!!

[Retty]

It is absolute price manipulation without doubt.

See the amount of shorts that were stacked at an all time high? then as soon as Bitmex goes down for maintenance-BOOM!

You can do all the TA and charting that you want, there is absolutely nothing you can do in cases like this. Not helpful at all for the future of crypto seeing this sort of manipulation and blatant robbery.

Just my opinion BTW.

[Ibizugbe1]

Nothing can be further than the truth. BitMEX has been longed suspected to be behind bitcoin price manipulation. As this happens today and bitcoin surges up, no need no oracle to telling us further what the shitty deal.

[Red-Apple]

It is absolute price manipulation without doubt.

See the amount of shorts that were stacked at an all time high? then as soon as Bitmex goes down for maintenance-BOOM!

You can do all the TA and charting that you want, there is absolutely nothing you can do in cases like this. Not helpful at all for the future of crypto seeing this sort of manipulation and blatant robbery.

Just my opinion BTW.

if anything this proves that manipulation exists and it is currently happening on Bitmex through shorts and as soon as they go away, manipulation go away with them also.

i also disagree that saying TA and charts do nothing. it is very helpful because manipulation doesn't have full control over the market. it only is one of many forces.

[CryptoGosu]

This was known in advance. I think those who wanted could withdraw money from the fund. It is not surprising that someone took advantage of the fact that Bitmex did not work at this time.

[MNDan]

It is interesting for me why the $300 jump up is discussed more than recent days $1,000 jump that we had when bitcoin had reached $8,500 anyway we're waiting more from it.

[ubercool]

It is interesting for me why the $300 jump up is discussed more than recent days $1,000 jump that we had when bitcoin had reached $8,500 anyway we're waiting more from it.

Because there is an ETF Approval/Denial was coming, I personally knew that it will be a denial and the manipulation is easy to see and will affect future ETF denials.

[bitbunnny]

So obviously there's manipulation from behind. And I was quite surprise to see the price spike to $6700 now and I wonder what's the reason. We have been trading sideways for the last couple of weeks and I thought that this is a break out run.  . For sure day traders have taken advantage of the situation, but I wouldn't be surprise if the price goes to $6400-$6500 again because this is just artificial pump.

Currently the price is around 6600$ so slight downfall is visible. But I haven't expected that the price will remain at 6900$ or even go higher.
It was quite obvious that this was just temporary increase that will not last. But let's see how the situation will develope in the upcoming period.

[charlotte04]

Bitcoin prices jumped on Wednesday morning, rising nearly $ 300 in less than a minute to break out of the barriers of recent days.

It happened exactly at 1:00 UTC, when the BTC rose from $ 6,466 to $ 6,745 in a one-minute candle on Bitfinex and bitcoin prices continued to rise thereafter, rising above $ 6,800 and peaking at $ 6,899. USD before returning to its present value of $ 6,716 (2:15 p.m).

The special thing here is that this happened near the time of BitMEX - an electronic money trading platform that processed billions of dollars worth of daily deals - offline for periodic maintenance. Therefore, this phenomenon may not be permanent.

At the time of writing, BitMEX had begun to restore the service, although it had not reactivated the transaction service. Therefore, it is possible that this sudden price increase will last until noon.

Maybe people really wants to make Bitcoin's price soar, but as you can see Bitmex doesn't want it to happen because of the people shorting it and manipulating it.