Bitcoin Price Spikes Near $6,900 as BitMEX Goes Offline

[SuperBazooka]

Bitcoin Price Spikes Near $6,900 as BitMEX Goes Offline
The bitcoin price took a major leap on Wednesday morning, spiking nearly $300 in less than a minute to break out of what had been two days of mostly sideways trading for the flagship cryptocurrency.

The incident in question occurred at exactly 1:00 UTC, when BTC leaped from $6,466 to $6,745 during a single one-minute candle on Bitfinex, and the bitcoin price continued to increase from there, rising above the $6,800 mark and peaking at $6,899 before settling back down to a present value of $6,840 at 1:34 UTC.


Early indications suggest that the price action, which came during a period of relatively-low trading volume in the cryptocurrency markets, may not be quite organic. That’s because it occurred at nearly the exact moment that BitMEX, a leveraged cryptocurrency trading platform that handles billions of dollars worth of contracts daily, went offline for scheduled maintenance.
https://www.ccn.com/newsflash-bitcoin-price-spikes-near-6900-as-bitmex-goes-offline/

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[f12345]

"traders trapped in shorts could only watch, helpless, as their positions were liquidated. Bitmex Rekt, an unofficial account that records margin calls on the platform, went into overdrive, tweeting out “beyond godlike” kills as position after position was wiped out."

This is one of the reasons a bit of regulation wouldn't be bad. Bitmex clearly benefited from disruption of their own service considering they have 40% of market share they can manipulate as they see fit...

[Kemarit]

There's already a open thread here:

https://bitcointalk.org/index.php?topic=4936229.0

I advise you to lock this thread. We can all continue the discussions on the above thread. We don't need redundant topics to avoid breeding grounds for spammers.

[alexgreen8012]

Bitmex is the biggest market manipulator. it potentially killed the BTC bull runs and put a hold on it. Big investors are making merry by using leverage on this platform and thus depriving small investors of their hard earned money. So much manipulation going on right now.

[Phlaser]

Bitmex is one the biggest exchanges that is loaded with 100% manipulation. Each time Bitmex goes offline all in the name of maintenance, there is always a synonymous pump or dump  in Bitcoin prices. It is becoming too often of Bitmex.