Whale Activity Resumes: Bitcoin Slums to $8,900 on Bitmex

Bitmex is under fire as staff struggle to understand what happened on its platform. In the late hours of Monday, Bitcoin dropped to a low of $8,900.

https://x.com/Ashcryptoreal/status/1769927827875406232?s=20

According to a popular BTC proponent, the dip came after a user on the exchange sold over 400 of the said coin which was worth $26 million at the time. The platform claimed it’s currently investigating the dump. Nonetheless, the decrease barely lasted 15 minutes as prices surged and correlated with other market prices.

BitMEX Reassure Users

In response, the firm said it launched an investigation as soon as it saw unusual activity on our BTC-USDT Spot Market. It calmed investors by adding that all systems were operating as normal, but we identified aggressive selling behaviour involving a very small number of accounts widely beyond expected market ranges.

Upon further investigation, another user X user said the number of bitcoin BitMEX users sold exceeded 850 which was worth over $55 million.

Nonetheless, the trading platform asserted that the dip “did not affect any of our derivative markets, nor the index price for our popular XBT derivatives contracts. The trading platform is operating as normal and all funds are safe.”

Global Bitcoin Price Drops to $63k

Aside from the dump on BitMEX, the global worth of the apex coin also dropped to a new low. A few hours ago, it retraced to a low of $63,555. This comes after it started trading on Tuesday at $67,602.

Amidst the current retracement, many traders/institutions are still optimistic about the next price action. One such was Standard Chartered Bank. It released a fresh BTC prediction, invalidating its previous speculation.

It predicted that bitcoin will hit $150,000 before the year runs out. The bank drew this conclusion following several studies of possible catalysts. Of all the possible reasons, it pointed to spot Bitcoin ETFs as they had a huge impact on the asset in recent times.