Bitcoin fell to $8,900 on an exchange

Late on Monday, Bitcoin (BTC) plummeted to a staggering $8,900 on the BitMEX crypto exchange. Meanwhile, other platforms showed their value well above $60,000.

However, the drop was temporary, and Bitcoin quickly recovered to $67,000 at 23:00 UTC.

Why was Bitcoin blocked on BitMEX?

This abrupt descent began around 22:40 UTC. Within minutes, it fell to its lowest point since early 2020. During this incident on BitMEX, the global average price of Bitcoin remained around $67,400.

Speculation was rife on social media, particularly on Platform X. Observers attributed Bitcoin's decline to massive selling by a crypto whale. Cryptocurrency researcher Syq provided insight, noting that an anonymous crypto whale sold over 977 BTC in increments of 10 to 50 BTC in two hours.

At the same time, BitMEX had restricted withdrawals for certain accounts under scrutiny. Despite this, the exchange confirmed that its operations were normal and that all funds were safe.
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